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Last Updated: Friday, 28 April 2006, 15:57 GMT 16:57 UK
Shareholders back Arcelor board
Steel plant
Mittal's bid for Arcelor would create a giant in the steel industry
European steelmaker Arcelor has won the backing of its shareholders as it continues to fight a hostile takeover bid by larger rival Mittal.

Chairman Joseph Kinsch told the firm's annual general meeting that Mittal was "neither open nor transparent".

Mr Kinsch's comments came as he fought off attempts by some shareholders to block his re-election as chairman.

Arcelor is at the centre of a proposed 18.6bn euro ($22bn; 12.7bn) bid, which has polarised the views of investors.

A minority of shareholders had expressed anger over Mr Kinsch's failure to consult them in some of the tactics used to repel Mittal's advances.

"Arcelor has been pursuing a different strategy from Mittal and does not feel that the two groups are compatible," Mr Kinsch told the meeting in Luxembourg.

Mittal, which is run by billionaire Indian tycoon Lakshmi Mittal, is expected to officially launch its takeover bid for Arcelor in early May.


SEE ALSO:
Mittal sets date of Arcelor offer
19 Apr 06 |  Business
Arcelor strengthens bid defence
04 Apr 06 |  Business
Rising costs hit Mittal profits
15 Feb 06 |  Business
Arcelor payout to woo investors
16 Feb 06 |  Business
Arcelor rejects call on bid talks
20 Feb 06 |  Business


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