Reuters - From "Monopoly Money" to a "marriage of reason". Here are some of the main quotes of the five-month, 26 billion euro ($32.7 billion) bidding war between Mittal Steel and Arcelor that led to a friendly deal to create a global steel giant.
Jan. 30 - Bitter words
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* "The grammar of business has not been respected" - French Finance minister THIERRY BRETON, expressing "profound concerns" about Mittal's hostile offer and its lack of advance warning.
* "I'd like to present to you my fellow managers - my son isn't one of them," Arcelor chief executive GUY DOLLE, opening a news conference by mocking the position of Indian-born magnate Lakshmi Mittal's son Aditya as Mittal Steel finance director. Most Sarcastic
* "Arcelor will not share its future with Mittal Steel ... It is too late (to do a friendly deal)" - DOLLE.
* "Mittal has an essentially mono-cultural management " - DOLLE. He also describes Mittal as a "company of Indians" but later says the remarks were taken out of context.
* "There are two types of steel: high-end and commoditised. There are those who specialise in a sort of perfume like Arcelor and others like Mittal who produce Eau de Cologne" - DOLLE.
* "The offer is a bit ridiculous. It consists, if you'll excuse the expression, of paying partly in Monopoly Money, in other words using Mittal Steel shares which have a history of very mediocre performance since they were listed." - DOLLE.
* "We are not at war here, we are creating value for shareholders." - LAKSHMI MITTAL.
Jan. 31 - Politicians react
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* "I have seen many operations like these in my life; I would like to tell you it is the first time I have seen one that appears to be so badly prepared" - BRETON in parliament.
Feb. 1 - Fighting talk
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* "This hostile bid by Mittal Steel calls for a reaction that is at least as hostile" - JEAN-CLAUDE JUNCKER in Paris.
"I'm not really scared about politicians' reactions. I'm sad about it" - LAKSHMI MITTAL in Brussels.
Feb. 3 - Arcelor single
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"An industrial white knight doesn't exist and I don't believe in a financial one either" - DOLLE in Les Echos.
Feb. 5 - Economic patriotism
----------------------------
"I wish to state strongly that protectionist impulses have no place in modern economic governance," BRETON in Financial Times, rejecting claims that France's "economic patriotism" policy is unfair to Indian and other foreign firms.
Feb. 10 - European stance
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"What do you want out of this economic patriotism? A strong European company, a strong European champion. This is the merger of two European companies: no job cuts, better future, better product, more investment" - LAKSMHI MITTAL in European Voice.
Feb. 20 - Presidential concerns
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"The concerns (about the Mittal offer) that have been expressed are entirely legitimate. I do not understand what the fuss is about," French President JACQUES CHIRAC in India.
April 3 - Bid doctrine
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"I cannot perceive why there must be hostile takeovers within the EU," JEAN-CLAUDE JUNCKER in FT Deutschland.
April 28 - Chairman survives
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"Thank you for your trust. We know whose side the shareholders are on," Arcelor Chairman JOSEPH KINSCH at annual shareholder meetting after overcoming calls for his dismissal.
May 26 - Arcelor engaged
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* "We have been courting for a long time. Now it is time to be engaged to be married" - DOLLE, announcing a tie-up with Russia's Severstal to thwart Mittal offer.
* "I happened to be the last camel in the caravan and when the caravan turned I was the first" - Severstal owner Alexei Mordashov explaining his rise to power at the former state firm.
June 9 - Last offer
-------------------
"We have no intention of raising our bid" - MITTAL spokeswoman as Arcelor edges towards friendly talks.
June 14 - Cartoon gag
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"Arcelor believes in a fair debate and not caricatural misrepresentation," ARCELOR spokesman on a Mittal cartoon showing Arcelor shareholders with their mouths gagged.
June 25 - Mittal victory, Severstal jilted
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* "We concluded that Mittal Steel's was a better offer than that of Severstal." - KINSCH after Arcelor accepts sharply higher Mittal bid.
* "We have a legal, binding merger agreement (with Arcelor). We are now reviewing all of our options." - SEVERSTAL statement.
June 26 - Shotgun wedding
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* "Very clearly this is a marriage of reason. I hope it will become a marriage of the heart." - KINSCH.
* "We have been trying to persuade the bride for the last 5 months that we love her and that she should accept our marriage proposal" - LAKSHMI MITTAL responding at a joint news briefing. Funniest of Them.
* "You are so young. The old man will remain seated" - 73-year-old KINSCH to Aditya Mittal, 30, as he accepts defeat.
-------------------------
Enjoy
Source: Yahoo India & Reuters
Jan. 30 - Bitter words
----------------------
* "The grammar of business has not been respected" - French Finance minister THIERRY BRETON, expressing "profound concerns" about Mittal's hostile offer and its lack of advance warning.
* "I'd like to present to you my fellow managers - my son isn't one of them," Arcelor chief executive GUY DOLLE, opening a news conference by mocking the position of Indian-born magnate Lakshmi Mittal's son Aditya as Mittal Steel finance director. Most Sarcastic
* "Arcelor will not share its future with Mittal Steel ... It is too late (to do a friendly deal)" - DOLLE.
* "Mittal has an essentially mono-cultural management " - DOLLE. He also describes Mittal as a "company of Indians" but later says the remarks were taken out of context.
* "There are two types of steel: high-end and commoditised. There are those who specialise in a sort of perfume like Arcelor and others like Mittal who produce Eau de Cologne" - DOLLE.
* "The offer is a bit ridiculous. It consists, if you'll excuse the expression, of paying partly in Monopoly Money, in other words using Mittal Steel shares which have a history of very mediocre performance since they were listed." - DOLLE.
* "We are not at war here, we are creating value for shareholders." - LAKSHMI MITTAL.
Jan. 31 - Politicians react
---------------------------
* "I have seen many operations like these in my life; I would like to tell you it is the first time I have seen one that appears to be so badly prepared" - BRETON in parliament.
Feb. 1 - Fighting talk
----------------------
* "This hostile bid by Mittal Steel calls for a reaction that is at least as hostile" - JEAN-CLAUDE JUNCKER in Paris.
"I'm not really scared about politicians' reactions. I'm sad about it" - LAKSHMI MITTAL in Brussels.
Feb. 3 - Arcelor single
-----------------------
"An industrial white knight doesn't exist and I don't believe in a financial one either" - DOLLE in Les Echos.
Feb. 5 - Economic patriotism
----------------------------
"I wish to state strongly that protectionist impulses have no place in modern economic governance," BRETON in Financial Times, rejecting claims that France's "economic patriotism" policy is unfair to Indian and other foreign firms.
Feb. 10 - European stance
-------------------------
"What do you want out of this economic patriotism? A strong European company, a strong European champion. This is the merger of two European companies: no job cuts, better future, better product, more investment" - LAKSMHI MITTAL in European Voice.
Feb. 20 - Presidential concerns
-------------------------------
"The concerns (about the Mittal offer) that have been expressed are entirely legitimate. I do not understand what the fuss is about," French President JACQUES CHIRAC in India.
April 3 - Bid doctrine
----------------------
"I cannot perceive why there must be hostile takeovers within the EU," JEAN-CLAUDE JUNCKER in FT Deutschland.
April 28 - Chairman survives
-----------------------------
"Thank you for your trust. We know whose side the shareholders are on," Arcelor Chairman JOSEPH KINSCH at annual shareholder meetting after overcoming calls for his dismissal.
May 26 - Arcelor engaged
------------------------
* "We have been courting for a long time. Now it is time to be engaged to be married" - DOLLE, announcing a tie-up with Russia's Severstal to thwart Mittal offer.
* "I happened to be the last camel in the caravan and when the caravan turned I was the first" - Severstal owner Alexei Mordashov explaining his rise to power at the former state firm.
June 9 - Last offer
-------------------
"We have no intention of raising our bid" - MITTAL spokeswoman as Arcelor edges towards friendly talks.
June 14 - Cartoon gag
---------------------
"Arcelor believes in a fair debate and not caricatural misrepresentation," ARCELOR spokesman on a Mittal cartoon showing Arcelor shareholders with their mouths gagged.
June 25 - Mittal victory, Severstal jilted
------------------------------------------
* "We concluded that Mittal Steel's was a better offer than that of Severstal." - KINSCH after Arcelor accepts sharply higher Mittal bid.
* "We have a legal, binding merger agreement (with Arcelor). We are now reviewing all of our options." - SEVERSTAL statement.
June 26 - Shotgun wedding
-------------------------
* "Very clearly this is a marriage of reason. I hope it will become a marriage of the heart." - KINSCH.
* "We have been trying to persuade the bride for the last 5 months that we love her and that she should accept our marriage proposal" - LAKSHMI MITTAL responding at a joint news briefing. Funniest of Them.
* "You are so young. The old man will remain seated" - 73-year-old KINSCH to Aditya Mittal, 30, as he accepts defeat.
-------------------------
Enjoy
Source: Yahoo India & Reuters
