Belgium supports Mittal Steel's bid
Steel tycoon LN Mittal has come one step closer in his bid to takeover Arcelor with the endorsement of the deal by its second largest shareholder Belgium. Belgian Trade Minister Jean Claude Marcourt, who is visiting India, said on Monday that economics of the deal are sound and that France and Luxembourg were too quick to react against the bid. But the salvo came from a new law that could force Mittal to offer cash instead of stock in this bid.
