A committee in Luxembourg's parliament has scrapped a controversial amendment to the country's takeover laws that could have hindered Mittal Steel's attempt to buy rival steel maker Arcelor.
Finance committee head Laurent Mosar confirmed the move.
The amendment, proposed by the committee last month, would have prevented companies resubmitting acquisition bids for 12 months after the failure or withdrawal of a previous bid.
But on Tuesday, Luxembourg's state council - the country's highest administrative review body - came out against the change.
Yesterday Mr Mosar said he would recommend that the committee follow the council's ruling.
