Arcelor last week showed its hand in the battle to fight off Mittal Steel's takeover bid, announcing a number of measures it believed would keep its shareholders on side. Many believed the measures would leave Mittal Steel with significantly less room for manoeuvre, and may force it to either raise its cash bid, or further dilute its voting rights in a merged company. But the world's second-largest steelmaker came in for general criticism for its ring-fencing of Canadian auto sheet maker Dofasco, a move, which despite vehement denials from Arcelor, has been widely seen as "poison pill" defence strategy.
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