Thursday, May 11 2006 10:35 Hrs (IST) - World Time -

Paris: The two top executives at the center of the Arcelor-Mittal takeover battle stuck to their positions yesterday (May 10, 2006), with Guy Dolle of Arcelor reiterating his opposition to a deal and Lakshmi Mittal ruling out abandoning his plan to create a world-leading steel giant.

Arcelor chief executive Dolle said that Arcelor remained opposed to a takeover by Mittal Steel and would remain unconditionally hostile so long as Mittal Steel refused to reveal its business plan.

Speaking to France's Le Monde newspaper, the chairman of Mittal Steel, Lakshmi Mittal, ruled out abandoning his takeover plans and repeated his intention of launching a formal bid 'within a week to 10 days'.

Yesterday, Mittal Steel said it would be prepared to sweeten its 28-billion-dollar cash and shares takeover bid for Mittal, offering the possibility of a breakthrough after three and a half months of stalemate.

However, any improved offer would be on condition thatArcelor management dropped its opposition to the deal and recommended it to shareholders something that Dolle ruled out today.

"The board (of Arcelor) asked (Mittal Steel) for the business plan. They told us that they wouldn't give it to us. In this case, the position of Arcelor has not changed and will never change," Dolle told sources during a visit to power station in the northern French town of Dunkirk.