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New Delhi - A sense of pride and nationalism have taken over the Indians worldwide as European steel maker Arcelor SA yielded to a sweetened bid from Mittal Steel Co., ending a bitter five-month takeover battle that was sometimes infused with racist and insular overtones.
"Call it the victory of Indian 'cologne' over European perfume," The Economic Times, the country's leading financial daily, said in a headline, in a reference to Arcelor Chief Executive Guy Dolle who once described Mittal's steel as cheap eau de cologne compared to Arcelor's fine perfume.
Arcelor's board on Sunday approved the company's merger with Mittal Steel after its chairman and CEO, Indian-born Lakshmi Mittal, raised his bid to euro 26 billion ($ 33 billion).
The new company will control 10 percent of the global steel market and will be three times as big as its nearest rival, Japan's Nippon Steel.
The CNBC-TV18 television station called Mittal "the Sultan of Steel," and the Times of India displayed a picture of him wearing a gladiator's helmet.
The news of the merger was in the frontpage for most Indian newspapers - which would otherwise care little for a corporate merger in Europe.
Don't expect the expected from Dibakar Banerjee.
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