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U.S. markets recover from steep losses
NEW DELHI, Feb. 16 (UPI) -- New Delhi has stepped in to back a hostile takeover bid by Indian-born steel magnate Lakshmi Mittal for his main European rival.
Indian officials have warned the European Union they will take a dim view of politically motivated efforts to block Mittal Steel Co.'s $21.9 billion bid for Arcelor SA of Luxembourg, the Indian Express said Thursday.
London-based Mittal is the world's biggest steel maker; Arcelor is the No. 2 steel maker.
French politicians, with their Spanish counterparts, are leading an effort to block the takeover, partly because Arcelor employs many French and Spanish workers.
Indian Commerce Minister Kamal Nath warned his EU counterpart Wednesday that opposition to the deal would violate the EU's obligations under a World Trade Organization agreement.
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