The protest floodgates finally not occurred

The protest floodgates finally not occurred. Friday, at the general meeting of Arcelor, at Luxembourg, its shareholders, representing 35.5 of its capital a record for the steelmaker adopted each of the 23 proposed resolutions, more than 80 in most cases. They have therefore extended, contrary to the recommendations of companies and investors Council of associations of small shareholders, 16 administrators of Arcelor seeking a new mandate, and validated by even their adopted defence strategy these past three months to the OPA of Mittal Steel.

Particularly criticized in his function of President, Joseph Kinsch him also was re-elected to his post, but with less than favorable votes than his colleagues (75.7 of the vote). "". "I take that as a plebiscite", however he assured, at the press conference that followed the General Assembly. "Through their vote, shareholders have marked their full confidence in the Arcelor model." Visibly relieved, smoking cigarette smoking, he admitted that he expected a result "less favourable".

It is true that, recently, the criticism flowed from all sides. The creation of a foundation to cover five years the Canadian Dofasco, not put to a vote of the shareholders, has been very poorly perceived. This was to avoid a "looting", explained Friday the Council, "forcing Mittal to address its problems of funding for its offer and competition with its own assets. Such a measure "not preclude Mittal offer", held to clarify.

To insistent rumors to Vladimir Lisin, the leader of the Russian steelmaker NMLK, intend to 15 of the capital of Arcelor, Guy Dollé, cabot check, has kicked into touch: "I met with Mr. Lisin in Barcelona during the Orthodox Easter Russian." Mr. Lisin brought a cake and eggs that we shared. It is the only comment I can do. "The Council is simply committed to not to increase the capital to bring a White Knight"for the sole purpose to Mittal offer. " It's not sufficient for Colette Neuville, President of the Association for the defence of minority shareholders (Adam). Representative of 5 of the capital of Arcelor, she voted against the Council.

Reshape the statutes

Friday day especially was the opportunity to extol the Arcelor development model between two declarations in support of the shareholders present. "The best project of Arcelor, this is Arcelor", repeated in choir leaders, denouncing "the accumulation of tons" and "opportunistic amalgam of assets". Detailing the excellent group 2005 results and its plan for 2006-2008 value creation, they promised to shareholders, likely today sell for Pocket added value, as "bearing their credentials, they will have even greater value for Arcelor will create a lot of value." They were urged to think "about the status of super-minoritaires" awaiting them at their competitor. Quick to denounce the governance of Mittal, Arcelor has recognized that all was was not perfect at home nor. "We think to reshape our articles to make them even more"shareholder friendly"(Editor's Note: more favourable to the shareholder)", said Joseph Kinsch. Arraigned on the question of his succession, in 2008, he also said that discussions were ongoing and that a favorite emerged. Friday, Arcelor therefore could count his support. But only a third of its capital being present, nothing is still played for the supply of Mittal. Missing call groups recently mounted in the capital of Arcelor, including Carlo Tassarra International Society of Romain Zaleski, who held Friday 4.3 of the steel producer. "It has become a significant shareholder, has recognized the Chairman of the Board. We will try to contact him soon to know what his intentions.