Mittal amused by 'vulnerable' Tatas
Takeover tycoon L N Mittal, who just a few weeks ago added the Arcelor feather to his cap, was today left wondering why India's leading corporate and household name Tata should feel vulnerable.
By PTI |
NEW DELHI: Takeover tycoon L N Mittal, who just a few weeks ago added the Arcelor feather to his cap, was today left wondering why India's leading corporate and household name Tata should feel vulnerable.
Asked about Tata group's decision to increase stake in Tata Steel to fend off hostile takeovers, Mittal asked: "Why TISCO should be vulnerable... it is news to me".
Tata group's announcement came barely two days before the India visit of Mittal, who launched a hostile takeover bid for Arcelor in January and successfully acquired it last month.
On July 5, Tata Group announced it would raise its equity in its steel venture Tata Steel by 7 per cent to 33 per cent to prevent any hostile takeover attempts.
"We will raise the promoters holding in order to act as a deterrent to takeovers," Tata Group Chief Ratan Tata had told shareholders at the company's 99th AGM in Mumbai.
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