Luxembourg's parliament is set to scrap legislative plans that threatened Mittal Steel's planned $25 billion purchase of Arcelor, a senior lawmaker said on Wednesday.
Luxembourg lawmakers had proposed an amendment to take-over law that would have prevented companies resubmitting acquisition bids for 12 months after the failure or withdrawal of a previous bid.
But Luxembourg's top administrative review body, the state council or Conseil d'Etat, voiced its opposition to this key amendment on Tuesday.
"I'm going to suggest that the committee accept the three formal objections by the state council and for the rest to remain with the actual text," Laurent Mosar, head of the Luxembourg parliament's finance committee, told Reuters.
The finance committee is responsible for putting forward a proposed take-over law and it will meet on Thursday morning to discuss the new proposed text. Mosar is in charge of drawing up amendments.
Parliament is not bound by the state council's ruling, but the council could force parliament to hold a second vote that could only take place three months after a first vote.
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