'Russia's image unlikely cause for Arcelor-Mittal merger'

Moscow, July 12 (UNI) Russian President Vladimir Putin today said Arcelor's decision to merge with the Mittal Steel instead of Russian steel maker Severstal, had nothing to do with Russia's alleged image of a ''closed country''.

''This is, first of all, the prerogative of shareholders,'' President Putin told French television channel TF-1 in reply to a question whether he was concerned over Russia being regarded as a closed country where force was above the law.

He said there was not a single share in Severstal that belonged to the state.

''The company, which intended to merge with the Arcelor, is a 100 per cent privately owned company,'' Mr Putin noted.

Shareholders in Arcelor rejected on June 30 a merger deal with Russia's Severstal, clearing the way for an agreed takeover by the Mittal Steel.

The Russian president also said Severstal was a transparent and dynamically developing company with good partner relations with Arcelor.

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