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Liberalization vs. Globalization
Submitted to: Submitted by:
Dr. Surajit Bhattacharyya Rohit Kumar
0702061
Section B
Mittal's bid for Arcelor was a hostile bid. A takeover is considered "hostile" if either the board rejects the offer, but the bidder continues to pursue it, or the bidder makes the offer without informing the board of the target beforehand. On the other hand, Gujarat Ambuja deal was a friendly deal where both parties agreed to the price and the deal was done. It was totally different from the Mittal Steel one. Mittal Steel can be compared with ITC-BAT (British American Tobacco) deal where Mr. Yogesh Chandra Deveshwar (Chairman, ITC) was highly appreciated on the deal not being done.
Let me talk about Mr. Laxmi Narayan Mittal (CEO & Chairman, Arcelor Mittal). He is known as the world's largest steel producer and the fifth-richest person (wealth: $32 billion). He moved from India to London after a default to Indian financial institutions. But his tremendous success outside India confirms that license-permit raj did not let the entrepreneurship develop. It is only now when we got free after 50 years of insu ...