Arcelor Board of Directors Unanimously Rejects Mittal's Hostile Proposal.LUXEMBOURG Luxembourg, province, Belgium Luxembourg, Du. Luxemburg, province (1991 pop. 232,813), 1,706 sq mi (4,419 sq km), SE Belgium, in the Ardennes, bordering on the Grand Duchy of Luxembourg in the east and on France in the south. -- At an extraordinary meeting in Luxembourg today, Arcelor's Board of Directors, under the chairmanship of Joseph Kinsch, has examined Mittal Mittal is a gotra of the Agrawal community, often used as a last name. It may refer to:
adj. Not looked for or requested; unsought: an unsolicited manuscript; unsolicited opinions. unsolicited Adjective proposal. After a thorough review and analysis of the elements at its disposal, the Board has swiftly concluded that Arcelor and Mittal Steel do not share the same strategic vision, business model and values. The Board then expressed its concern regarding the severe consequences that Mittal Steel's proposal could have on the group, its shareholders, employees and customers. Furthermore, the Board of Directors believes that the continuation of Arcelor's present strategy offers the best guarantee of value creation for its shareholders. Therefore, the Board of Directors has resolved that it:
1. unanimously rejects Mittal Steel's unsolicited proposal which
it considers hostile,
2. recommends to Arcelor's shareholders not to tender their shares
into the proposed offer, if and when submitted,
3. mandates the Management Board to present to the Board of
Directors all actions and options that are in the best
interests of all stakeholders.
The Board of Directors confirms its full confidence in the management and employees of Arcelor and supports their ongoing efforts to create value for all stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. . All these arguments will be presented in further detail at the news conference that will be held by Arcelor's group management board. Arcelor is the number one of the global steel industry with a turnover of 30 billion euros in 2004. The company holds leadership positions in its main markets: automotive, construction, household appliances and packaging as well as general industry. The company - number one steel producer in Europe and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. - ambitions to further expand internationally in order to capture the growth potential of developing economies and offer technologically advanced steel solutions to its customers. Arcelor employs 94,000 associates in over 60 countries. The company places its commitment to sustainable development Sustainable development is a socio-ecological process characterized by the fulfilment of human needs while maintaining the quality of the natural environment indefinitely. The linkage between environment and development was globally recognized in 1980, when the International Union at the heart of its strategy and ambitions to be a benchmark for economic performance, labour relations labour relations (US), labor relations npl → relations fpl dans l'entreprise labour relations labour npl → Beziehungen pl and social responsibility. |
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