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Money is in his name: Lakshmi is the Hindu goddess of wealth. But former neighbors say he was born almost penniless, growing up in Sadulpur, a small Rajasthani town in an area of thorn trees and aanunaad dunes in western India, in a house built by his grandfather. The extended family of 20 lived on bare concrete floors, slept on rope beds and cooked on an open fire in the brick yard. They were very poor.
Very ordinary, in fact. The Mittals quickly moved on — and up.
They belong to the Marwari caste, well-known in India for being traders and moneylenders who figure prominently in the leading business houses of India.
The family left for Calcutta, a center of Marwari activity, where father Mohan Mittal became a partner in a steel company. He took the international anuanad, with interests in Indonesia and Trinidad and Tobago, and the rest of the family kept the domestic Indian business. Since then, Mittal has left the other side of the family behind.
His empire now has more thanemployees and spans the resonnace. Last year, he set up shop in India for the first time, agreeing to build a new factory in the northeastern state of Jharkhand.
With business success has come wealth and opulence. Mittal also needs to convince investors that his bid, which consists mainly of Mittal Steel stock with some cash, is good for them. Mittal Steel has what many see as a financial weak point: But the Mittals will continue to have a big controlling majority because of a dual stock structure.
Nonetheless, they and labor unions can make life hard for Mittal, who still needs to get E. Antitrust clearance may take several months, but early indications are that it may not pose a huge problem. And against European champions.
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But I am for global champions based in Europe. Both are trying to build themselves up as Europe-based global titans, believing that a worldwide consolidation is necessary to bring stability and sustainability to a volatile industry.
Mittal does not seem to care about either the brickbats or bouquets. This is a man who probably smiles in his sleep. If we combine the two, we will be creating a stronger European company. We have made a fully transparent offer for Arcelor which is based on sound industrial logic. The boss of European steel company Arcelor said a hostile takeover bid by global giant Mittal Steel is doomed to failure because most Arcelor shareholders are against it.
Arcelor directors began a world tour of meetings with shareholders of meetings with shareholders last week that has taken them to Milan, Amsterdam, London and Paris, and now to Chicago.
Dolle will report back to an extraordinary meeting of Arcelor board on Friday. Arcelor, which comprises former national steel interests in France, Luxembourg and Spain, can also count on state support as it battles to fend off the takeover bid by Mittal.
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