ROTTERDAM, Netherlands, May 9 (UPI) -- Mittal Steel Co. NV, the world's biggest steel firm, is trying diplomacy, apparently successfully, in its takeover bid for the world's No. 2 steel company.
Mittal, which is owned by Indian-born steel magnate Lakshmi Mittal, has been pursuing Luxembourg's Arcelor SA, whose political allies include many of Europe's governmental elites, particularly those in Brussels and Paris.
In presumed response to opposition from Paris and Brussels, Mittal said he was recommending Francois Pinault, the French owner of Gucci and Yves Saint Laurent, as a director and would considering increasing the $25 billion previously offered for Arcelor, MarketWatch reported Tuesday. Pinault is a close friend of French President Jacques Chirac, whose government has vigorously opposed Mittal's purchase of Arcelor.
Late Monday, Arcelor's leaders said they were willing to talk directly with Mittal about his offer.
Up until now, Mittal has been pushing his takeover offer directly to Arcelor shareholders, giving them until next month to accept his proposal.
