Tuesday, March 28 2006 14:34 Hrs (IST) - World Time -

New Delhi: Luxembourg today (Mar 28, 2006) said a takeover law that it planned to enact in May was in no way aimed at creating impediments to steel tycoon L N Mittal's bid to takeover Arcelor.

"The government will have no role in impeding the bid. We intend to bring the (takeover) Bill in May to put in the best international practices in our economy," Luxembourg Minister for Economy and Foreign Trade Jeannot Krecke told sources here.

When asked to elaborate, he said there was absolutely no intention on the part of the government to meddle with the Mittal's bid.

Luxembourg's government, which owns 5.6 per cent in Arcelor, has been opposing Mittal's 23 billion dollar unsolicited bid.

The bill is intended to secure the interests of shareholders - both majority and minority, Krecke said.

In a bid to allay fears among Indian entrepreneurs, he said the bill which Luxembourg would bring in May would have to be brought by 25 EU nations too.

A separate takeover Bill would be introduced by the EU nations in their respective Parliament to air their own views on takeovers.