Arcelor: The speech to make

Guy Dolle is speaking with a forked tongue. The Arcelor chief executive is telling shareholders they will be the only judges of Mittal Steel’s hostile bid for his company - which is good. But Dolle has done almost nothing to discourage European politicians from making speeches against the deal on nationalistic, even racist, grounds. That’s not only bad in itself. By whipping up a political storm, Dolle is under-mining his attempt to portray himself as the shareholders’ friend. As this takeove...