Luxembourg on Tuesday said a takeover law that it planned to enact in May was in no way aimed at creating impediments to steel tycoon L N Mittal's bid to takeover Arcelor.
"The government will have no role in impeding the bid. We intend to bring the (takeover) Bill in May to put in the best international practices in our economy," Luxembourg Minister for Economy and Foreign Trade Jeannot Krecke told reporters in New Delhi.
When asked to elaborate, he said there was absolutely no intention on the part of the government to meddle with Mittal's bid.
Luxembourg's government, which owns 5.6 per cent in Arcelor, has been opposing Mittal's $23 billion unsolicited bid.
The Bill is intended to secure the interests of shareholders -- both majority and minority, Krecke said.
In a bid to allay fears among Indian entrepreneurs, he said the Bill, which Luxembourg would bring in May would have to be brought by 25 EU nations too.
A separate takeover Bill would be introduced by the EU nations in their respective Parliament to air their own views on takeovers.Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Discussion Group