Behind the Mittal Takeover of Arcelor: A Brother’s War?

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Underneath the financial maneuvers and corporate wrangling in Lakshmi Mittal’s bid to have his Mittal Steel purchase Arcelor, the world’s second-biggest steelmaker, a smaller, more human and perhaps almost biblical battle between two brothers.
Michael Zaoui and his younger brother Yoel are both successful investment bankers who lead the European investment banking divisions of different banks. Michael leads at Merrill Lynch. Yoel at Goldman Sachs. Both were born in Morocco, lived for a time in Italy and educated at elite French schools. Both are French nationals.
The Mittal takeover of Arcelor saw them pitted against each other. At Merrill, Michael was in charge, with Michel Antakly, of Morgan Stanley’s efforts on behalf of Arcelor, which sought to defend itself against Mittal’s advances. At Goldman, Yoel helped arrange Mittal’s attack.
We’re still awaiting word about exactly how Yoel is celebrating this triumph over his older brother. But we're told that their last name, Zaoui, is indeed pronounced "Zowie!"

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