Arcelor’s Poison Pill Angers Shareholders

Law360, New York (April 10, 2006, 12:00 AM EDT) -- Angered by steel maker Arcelor SA’s approach to deflecting a possible hostile takeover, shareholders have demanded an emergency meeting to reverse a poison pill strategy adopted by the company last week.

Shareholders have called for a corporate governance overhaul, asking that Arcelor change its policies to allow investors to call general meetings with one month’s notice and dictate their agendas.

Luxembourg-based Arcelor has been engaged in a battle with steel maker Mittal Steel Co. NV, a Netherlands-based rival which launched a €19 billion takeover bid for...
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