(2 Feb 2006)
1. Mittal Steel Company's Chief Executive, Lakshmi Mittal arriving at news conference
2. Lakshmi N. Mittal sitting at table and being photographed
3. SOUNDBITE (ENGLISH): Lakshmi Mittal, CEO Mittal Steel Co.:
"We had a very good dialogue with the (E.U. Competition) Commissioner. To the Commissioner we explained, Mrs Kroes, about the whole transaction. We explained her and her team the events, which followed this transaction. And the Commissioner has agreed to look into this transaction, review this transaction, based to see whether there are any competition issue within Europe, enlarged Europe."
4. Wide shot news conference
5. SOUNDBITE (ENGLISH): Lakshmi Mittal, CEO Mittal Steel Co.:
"I am not really scared about politicians reaction. I feel sad about it, because this is one of the best transaction for Europe. The merging of two giant steel companies and creating a very strong European base is very healthy news for the industry and consolidation."
6. Cutaway
7. SOUNDBITE (ENGLISH): Lakshmi Mittal, CEO Mittal Steel Co.:
"It is not hostile. It is an unsolicited bid to the shareholders, with a very friendly approach. So you can decide whether to call it hostile or not hostile. In our opinion it's an unsolicited bid to the shareholders of the company, that we want to sit down with the management of the company. We want to have a friendly discussion. At the end of the day we want to create shareholders value. At the end of the day we want to create a very strong European company."
8. News room
9. SOUNDBITE (ENGLISH): Lakshmi Mittal, CEO Mittal Steel Co.:
"We have to look ahead. We have to worry about China. We have to see how we keep our jobs in Europe. And this is what we are promising: there will be no job cuts here, job cuts arising out of this merger. And we are going to honour all the commitments."
10. Lakshmi N. Mittal leaving press conference
STORY:
Mittal Steel Co.'s Chief Executive Lakshmi Mittal met top European Union officials and the Prime Minister of Belgium on Wednesday as he tried to assuage government and union worries that the deal could cause job losses.
Amongst those he held talks with were EU antitrust chief Neelie Kroes and EU Industry Commissioner Guenter Verheugen.
Mittal said that his company will not accept less than a 50.1 percent stake in a merged Mittal-Arcelor company and that his US 22.5 billion dollars bid for the European steel company Arcelor would not lead to job cuts.
He said Mittal's offer for Arcelor SA was "not a hostile bid."
He said his talks so far with shareholders over his takeover plan have been positive so far, despite strong opposition from the governments of Luxembourg and France.
"The shareholders we have met have generally been very satisfied, very positive about the whole deal ... we are confident we will succeed," said Mittal, adding he also received positive feedback from German steel rival ThyssenKrupp AG and United States Steel Corp.
Arcelor, created in 2002 from a merger of French, Luxembourg, Belgian and Spanish steel interests, employs just over 94,000 workers: almost 30,000 in France, 12,500 in Belgium and 6,000 in Luxembourg, where it is the country's largest employer.
The takeover bid, announced Friday, would join the world's No. 1 and No. 2 steelmakers, with nearly a 10 percent share of global steel production and a market capitalisation close to US$40 billion .
Mittal Steel is the biggest U.S. supplier of high-grade, high-margin auto steel; Arcelor occupies the same position in Europe.
The new company would have almost 350,000 employees at 61 plants in 27 countries - but few areas of
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