New Delhi: The European Union on Tuesday made it clear that Mittal Steel's bid to takeover rival Arcelor would be decided on the basis of business and competition and not on nationality.
"Let me assure you that issue of nationality will not have any relevance in this context and only business and competition considerations will be considered," European Union's Ambassador to India Francisco da Camara Gomes said at a seminar on "Merger and Acquisitions in the EU-Opportunities for India Inc" organised by the Confederation of Indian Industries.
He said the Mittal-Arcelor case was being examined under the merger regulation, like many other market investigations across Europe, which does not stipulate Mittal to seek prior permission before acquiring the shares.
Gomes said that decision based on nationality would be annulled by the Court of First Instance, if it appeared to have been taken on grounds other than competition as competition policy was the core of the European integration.
The core of the EU's competition was surveillance of abuse of dominant positions, monitoring of state aids, mergers and acquisitions, he said.
Gomes said times have changed and corporate India was now investing in EU, UK and enlarged EU and other countries even though the number was not very high at present.
"The very fact that these investments are happening is showing a new global trend," he said, adding EU was currently working with Indian government about defining new scenarios for trade and investment.
A new ambitious agreement between India and EU would take a concrete shape in few years from now, he added.
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