IF there is one Indian-born industrialist who managed to hog the limelight in the European press for more than a week, it has to be steel magnate Lakshmi Mittal who controls Mittal Steel Co.
The richest Indian, who is also the world’s third richest man and whose wealth Forbes puts at US$20bil, launched a takeover of Luxembourg-based Arcelor SA - the world’s second largest steel maker- for US$24bil. For now, the takeover plan is not going his way as leaders in Luxembourg, France and Spain where Arcelor has factories, are opposing the deal for fear it would result in many jobs cuts.
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