- - Monday, November 26, 2012

PARIS — Many European countries with lagging economies are trying to draw in foreign investors. But in France, a Socialist minister says he wants the world’s biggest steel-maker to leave, accusing it of lying to the government.

The invective from Industrial Recovery Minister Arnaud Montebourg has soured an already tense relationship between France’s leftist leadership and steel powerhouse ArcelorMittal. The company says it will shut down a blast furnace in northeast France whose plight has captured the nation’s attention — unless the government finds a new buyer by this week.

The showdown over the site in Florange, which is reportedly profitable but underperforming among ArcelorMittal assets, exposes the simmering mistrust of capitalism in France. It also raises the prospect that President Francois Hollande’s Socialists may pay out to nationalize in an old-world, labor-intensive industry despite a push for austerity across much of Europe.

STOCKS

Yahoo hits $19 a share for 1st time since 2010

SAN FRANCISCO — Yahoo’s shares touched $19 Monday, the first time they have traded that high in more than 21/2 years.

The latest gains extend a rally that has been gaining momentum in recent weeks as Yahoo Inc. buys back its own stock and more investors bet on CEO Marissa Mayer’s ability to turn around the long-struggling company.

Ms. Mayer, a former top Google executive, has vowed to make the Sunnyvale, Calif., company a better place to work, refine its online services, and roll out more products tailored for smartphones and tablet computers.

MACHINERY

Fiat Industrial and CNH reach merger agreement

MILAN — The Italian heavy-duty vehicles manufacturer Fiat Industrial reached an agreement Monday for a full merger with its U.S. subsidiary, the farm equipment maker CNH Global N.V., creating the world’s third-largest capital goods company by sales.

Fiat Industrial had aggressively pursued the full merger of the 12 percent of CNH that it didn’t already own, making a pitch in the spring and then raising the value of the offer by more than 25 percent last week after CNH advisers refused to endorse the deal.

Fiat Industrial earlier this month had streamlined the management structure to better integrate the two companies, placing the head of CNH, Richard Tobin, as group chief operating officer, second in command to Chairman Sergio Marchionne, who also runs the Fiat and Chrysler car companies.

CLIMATE

U.S. defends ‘enormous’ climate efforts at U.N. talks

Story Continues →