adds further comments from Breton and background
PARIS (AFX) - French Finance Minister Thierry Breton said Mittal Steel will present him with the industrial plan for its takeover bid for Arcelor at the start of next week.
Adressing the National Assembly, Breton said the Finance Ministry would use this occasion to 'ask all of the questions that we need to in order to defend the national interest.'
However, Breton also said the directive passed in the French Senate yesterday aimed at strengthening companies' defences against hostile takeover bids would have no bearing on the Mittal bid, as Mittal is subject to Dutch law and Arcelor to that of Luxembourg.
Since Mittal launched its 18.6 bln eur takeover bid for European rival Arcelor last month, the French government has repeatedly criticised the hostile character of the offer and has reproached Mittal for not presenting a clear industrial strategy regarding the future of Arcelor.
Earlier this week Mittal CEO Lakshmi Mittal insisted that 'we made a perfectly transparent offer for Arcelor' adding that it was aimed at creating a European business with a strong global presence. paris@afxnews.com lg/ks COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content,inculding by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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