50% majority to veto Severstal deal is fair: Dolle
Arcelor chief executive Guy Dolle rejected shareholder criticism on Thursday that shareholders are not being given a fair say in plans to merge with Russia's Severstal.
By Agencies |
BRUSSELS (BELGIUM): Arcelor chief executive Guy Dolle rejected shareholder criticism on Thursday that shareholders are not being given a fair say in plans to merge with Russia's Severstal.
"If 50 per cent of these shares oppose this transaction, this transaction will be cancelled," he told reporters.
"It has been criticized by some investors ... it is a matter of understanding, what shareholder democracy means." He said the Luxembourg-based steelmaker had received a letter from a group of shareholders demanding to call another extraordinary meeting to discuss the deal.
"If 50 per cent of these shares oppose this transaction, this transaction will be cancelled," he told reporters.
"It has been criticized by some investors ... it is a matter of understanding, what shareholder democracy means." He said the Luxembourg-based steelmaker had received a letter from a group of shareholders demanding to call another extraordinary meeting to discuss the deal.
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