Paris: Arcelor CEO Guy Dolle insisted in an interview on Tuesday that his steel group had not resorted to a "poison pill" in its battle against a takeover bid by rival Mittal Steel.
"I challenge anyone to demonstrate that any one of the measures taken since the Mittal offer was launched could be a poison pill destined to block the Mittal offer," Dolle told the French business daily La Tribune.
"They are trying to question my integrity and I strongly denounce this," he added.
"Some people do not hesitate to use the most fallacious arguments to try and manipulate our shareholders," reprimanded Dolle.
Arcelor has fought doggedly since late January against an offer by Mittal Steel, the biggest steelmaker worldwide in terms of volume, which became official on May 18 and was raised a day later to $32.4 billion.
On May 26, Arcelor announced plans to acquire the Russian steel group Severstal in what analysts said was a bid to become too large for Mittal to swallow.
"The Arcelor board will meet in the coming days to examine the industrial plan submitted by Mittal," Dolle told La Tribune.
Under the terms of the deal, Severstal would end up controlling 38 per cent of Arcelor.
The prospect has been opposed by Arcelor shareholders led by the investment bank Goldman Sachs, which is also advising Mittal on its offer.
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