Institutional shareholders are reportedly lining up to vote against the re-election of Joseph Kinch, president of the board of directors at Arcelor, over his handling of a €16.8bn ($21bn) hostile bid from rival Mittal Steel.

French newspaper La Tribune reports that Adam, the French association of minority shareholders, which claims to represent more than 5% of Arcelor's shareholders, and Institutional Shareholder Services, the US proxy voting group, which claims to represent over 100 Arcelor shareholders, will vote against Kinch's reappointment at the company's annual general meeting in Luxembourg today..