Peter Marsh, "Arcelor succumbs to Mittal," Financial Times (U.S. edition), 26 June 2006, 1.
Monday, June 26, 2006
Does shareholder culture matter?
Finally, it seems, the long tussle between Arcelor and Mittal is being resolved. The concept of management culture is a familiar one, and the challenge of merging very different management cultures has long been recognized as a risk factor affecting the success of a merger. But do shareholder cultures matter in a similar way? Judged by the voting-rights provisions in their articles of association, Arcelor and Mittal occupy opposite ends of the prevailing spectrum of governance structures, so the merger, if it is consummated, will offer a good test.