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Last Updated: Monday, 26 June 2006, 12:38 GMT 13:38 UK
India applauds Mittal take-over
Lakshmi Mittal runs the world's largest steel company
Indian newspapers rejoiced after steel group Arcelor bosses finally accepted a 18.5bn ($34bn) offer from Indian firm Mittal. If approved, the move will merge the world's two largest steel companies, creating a powerful global giant.

One newspaper called the develoment a "harbinger of things to come - economic superstardom [for India]".

'Mittal Steels A Global March', headlined The Economic Times

I am happy that some countries have realised that globalisation is not a one-way street
India commerce minister Kamal Nath
"Call it the victory of Indian 'cologne' over European 'perfume'. For large swathes of corporate Europe, the message is loud and clear - India is leading the emerging markets' charge into developed economies, threatening to tilt the balance of corprate power," the newspaper wrote.

The newspaper quoted federal finance minister P Chidambaram as saying: "We are happy and proud that an Indian-born entrepreneur is the biggest steel maker in the world. We wish him well."

Federal commerce minister Kamal Nath echoed a similar sentiment.

"I am happy that some countries have realised that globalisation is not a one-way street. They are realising Indians are creating economic activity in their countries," he said.

"Mittal Gets What He Wanted", headlined The Times Of India.

"Sticking to business and ignoring the often-ugly, insular and racist overtones of his five-month battle to take control of the world's number two steelmaker, the tycoon from India proved that he has nerves of steel," the newspaper said.

The Indian Express said "economic logic has trumped political irrationality" after the deal.

The Financial Express called the deal Mr Mittal's "biggest gamble of his life".

"Mr Mittal conceded to the Arcelor board's demand of greater professionalism and better corporate governance by agreeing to a majority representation by Arcelor on the board of the merged entitity even though he will own 45% equity," the newspaper said.




SEE ALSO
Steel firm opts for Mittal offer
25 Jun 06 |  Business
Arcelor cancels buyback meeting
20 Jun 06 |  Business
Mittal will not raise Arcelor bid
12 Jun 06 |  Business
Arcelor to make Mittal decision
12 Jun 06 |  Business
Mittal starts talks with Arcelor
09 Jun 06 |  Business
Arcelor to merge with Severstal
26 May 06 |  Business

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