Frederick Kempe writes in today's WSJ:
The initial responses to Mr. Mittal's bid last week were quasi-racist, questioning his non-European values. Luxembourg Prime Minister Jean-Claude Juncker vowed to use "all necessary means" to block the bid. Yet the rhetoric has now cooled and Arcelor now appears more focused on how to extract the best deal for workers and shareholders or mount a market-based defense.
The concern that Kempe refers to seems to be similar to what I described in my CSR post: a concern that foreign persons are not sensitive enough to informal social control in the host state. At the same time, others laud Mittal as entrepreneurial and iconoclastic. Surely, unsettling informal equilibria may be either beneficial or detrimental, depending on the context. But perhaps the increased contingency that comes with foreign-ness challenges these equilibria with greater intensity and velocity under globalization.