Eurobench.com

voda 16 juni 2017 17:49

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ArcelorMittal bereikt bindend akkoord voor overname staalfabriek Ilva

Belangrijke stap gezet volgens CEO.

(ABM FN-Dow Jones) Een consortium onder leiding van ArcelorMittal heeft een akkoord bereikt over de acquisitie van de Italiaanse staalfabriek Ilva. Dit maakte het staalbedrijf met een notering op het Damrak vrijdag bekend.

De exclusieve onderhandelingen met de Italiaanse staat zijn afgerond met een bindend akkoord als resultaat, aldus ArcelorMittal.

CEO Lakshmi Mittal sprak van een "belangrijke stap" in de aanschaf van Ilva en zei precies te weten wat er moet gebeuren bij de staalfabriek in Italië.

De staalreus liet weten dat de bijbehorende documentatie uiterlijk op 30 juni zal worden ingevoerd.

In 2020 denkt het consortium voor 310 miljoen euro aan synergieen te kunnen realiseren, exclusief de impact van het terugbrengen van vaste kosten en volumeverbeteringen.

De Italiaanse fabriek zal volgens ArcelorMittal al in het eerste jaar bijdragen aan het bedrijfsresultaat (EBITDA). In jaar drie zal de fabriek ook bijdragen aan de vrije kasstroom, zo voorziet de staalgigant.

Er zal circa 2,4 miljard euro worden geïnvesteerd in Ilva in de komende zeven jaar.

Goede deal

Volgens analisten van Credit Suisse sluit ArcelorMittal een goede deal. De marktvorsers van de Zwitserse bank wezen erop dat het management zes jaar de tijd krijgt om de fabriek te vernieuwen, voordat de balans beïnvloedt wordt. Als ArcelorMittal en partner Marcegaglia erin slagen om de productie te verhogen, terwijl de winstgevendheid per ton staal op peil blijft, dan kan het zelfs een "zeer goede" acquisitie worden.

Dit is volgens de analisten ook precies waar ArcelorMittal goed in is, namelijk het opkopen van niet renderende staalfabrieken om dan vervolgens de boel goed op de schop te nemen en zorgen dat er wel weer winst wordt gemaakt. Onderdeel van de plannen voor Ilva is volgens Credit Suisse een fikse reorganisatie die het personeelsbestand in de komende jaren moet terugbrengen van ruim 14.000 naar minder dan 8.500.

ArcelorMittal bezit 85 procent van het consortium en Marcegaglia heeft de rest. De Italiaanse overheid heeft Ilva verkocht voor in totaal 1,8 miljard euro, maar daarbovenop zal het consortium ook 2,4 miljard in de fabriek investeren, onder meer om de fabriek milieuvriendelijker te maken.

Het aandeel ArcelorMittal sloot vrijdag 1,1 procent lager op 17,87 euro.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999

Copyright ABM Financial News. All rights reserved

(END) Dow Jones Newswires

Archie Steelman 17 juni 2017 16:31

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ArcelorMittal led consortium reaches agreement regarding Ilva lease and purchase agreement
corporate.arcelormittal.com/news-and-...
16 June 2017 - ArcelorMittal (‘the Company’) and Marcegaglia announce that AM Investco Italy Srl (‘AM Investco’) has concluded the exclusive negotiation phase and reached a binding agreement concerning the lease and obligation to purchase Ilva S.p.A and its subsidiaries with the Italian Government. The ancillary documentation will be completed by 30 June. Intesa Sanpaolo will formally join the consortium before transaction closing.
Strategic highlights
Unique opportunity to acquire a major, integrated steelmaking asset which is Europe’s largest single steel site, in Europe’s second largest steel market
Robust investment plan to materially improve Ilva’s environmental footprint and realise its full potential
Identified synergies of €310 million targeted by 2020 (excludes impact from fixed cost reductions and volume improvements)
Ilva expected to be EBITDA accretive to ArcelorMittal in year one, and free cash flow accretive in year three.
Transaction highlights and key details of AM Investco’s plans for Ilva include:
Purchase price of €1.8 billion, with annual leasing costs of €180 million to be paid in quarterly installments. Ilva’s assets will be initially leased by AM Investco, with rental payments qualifying as down payments against the purchase price. Start of lease expected around year-end 2017, subject to regulatory authorisations. Lease period to be minimum of two years.
Investments of c. €2.4 billion (c. €2.1 billion net of Riva Group contribution) over a seven-year period:
Industrial CAPEX of c. €1.3 billion, supporting an extensive industrial plan; investment programme focussed on blast furnaces, steel shops and finishing lines
Environmental CAPEX of c. €1.1 billion that will ensure Ilva complies with the Integrated Environmental Authorisation (AIA) as set out by the Italian Government and will materially improve Ilva’s environmental performance in areas including air emissions and water treatment; environmental CAPEX includes remediation spend of €288 million, which will be funded with funds seized by the Italian Government from the Riva Group, Ilva’s former owners; further intention to introduce breakthrough low-carbon technologies, including carbon capture and re-use, in the future; and commitment to use DRI when there are the conditions of economic sustainability coherent with the industrial plan.
Finished steel shipments to systematically increase to 9.5 million tonnes, by 2023. Crude steel production limited to 6 million tonnes per annum until AIA provisions complied with; once achieved, commitment to restart blast furnace #5 and increase crude steel production to 8 million tonnes per annum; crude steel production to be supplemented by imported slabs and hot rolled coil, in order to maximise utilisation of Ilva’s finishing facilities, with a commitment to keep at least 10,000 employees for the entire duration of the industrial plan according to the outcome of negotiations with the unions.
€10 million start-up investment in new research and development (R&D) centre in Taranto, which will initially focus on ensuring a successful deployment of the industrial, environment and commercial plans, while also ensuring a smooth transfer of ArcelorMittal R&D intellectual property and knowledge to enhance operationally efficiency, quality and productivity at all Ilva plants.
The assets will be transferred to AM Investco free of long term liabilities and financial debt and includes €1 billion of net working capital.
Strategic rationale
Ilva represents a unique opportunity to add significant value to ArcelorMittal’s European business
Ilva is the largest, and only integrated, steelmaker in Italy. Its main production facility in Taranto is strategically well located, sitting next to one of Europe’s largest deep-water ports, hence enabling easy access to raw materials. Ilva also has significant steel finishing capacity, in Taranto, Novi Ligure and Genova
It provides ArcelorMittal with a primary production presence in Italy, Europe’s second largest steel consuming market, and a country in which the Company currently has no primary steelmaking capacity
Italy imports between 60 and 70% of its flat steel requirements, in part due to a decline in Ilva’s output because of numerous commercial, quality and environmental issues it has faced in the recent past; ArcelorMittal believes that, over time, Ilva’s production levels and competitiveness can be restore
ArcelorMittal can accelerate Ilva’s turnaround through:
Leveraging ArcelorMittal’s high-added value product range, particularly in the automotive market, and upgrading Ilva’s production facilities in order to extend and improve its product range
Leveraging economies of scale benefits in areas including procurement
Opportunity to benchmark against ArcelorMittal’s best performing plants and transfer knowledge and expertise to improve Ilva’s operational performance, quality and efficiency
Leveraging ArcelorMittal’s world-class research and development offering, and rapidly deploy steelmaking process and product solutions at Ilva
Capturing €310 million of identified synergies.

Archie Steelman 17 juni 2017 16:33

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Vervolg :

Commenting Lakshmi N. Mittal, Chairman and CEO, ArcelorMittal, said:
“Today marks an important step in the Ilva sales process. We are keen to get started and will now focus on reaching completion as soon as possible.
“We have a very sound understanding of what needs to be done to improve the performance of the company and, importantly, its relationship with stakeholders and local communities. Our vision is for Ilva to become a benchmark for modern integrated steelmaking and this will be realised through the implementation of our industrial and environmental plans, backed up by significant investment. We have the capital, the technology, the commercial relationships and the management depth to bring about a positive transformation. Stakeholder engagement and transparent dialogue will also be critical in enabling Ilva to rebuild trust with its employees and communities.
“We recognise the trust that is being placed in us as the new owner of Ilva and will take great care to provide Ilva with the responsible and capable leadership it deserves and that will be vital for its future success and sustainability.”
Aditya Mittal, CEO of ArcelorMittal Europe and group CFO, said:
“Ilva is an important strategic acquisition for ArcelorMittal. It provides us with a significant production presence in a country in which we have no primary steelmaking capacity, and is complementary to our existing European business. I believe that it represents a unique opportunity for us, and am delighted that we have proved successful with our offer. We have a lot of work to do once the transaction formally closes and we take up operational control of Ilva, but I believe that we can improve its performance quickly, and we expect a positive contribution to EBITDA in year one. Over the longer-term, there is no reason why Ilva’s performance can’t be brought in-line with the best performing assets within our European business.”
Antonio Marcegaglia, Chairman and CEO, Marcegaglia, said:
"We are proud to have a chance to contribute to the relaunch of such a fundamental asset for the country, and look forward to working with the trade unions and all other stakeholders. I am confident that our consortium has all the attributes required to deliver a successful turnaround, which will ensure Ilva makes a positive contribution to the Italian economy, and each of the communities in which it operates."
The agreement is subject to, and will become effective upon, the satisfaction of certain conditions precedent, including information and consultation requirements. The actual sale, and payment of the full purchase price, is subject to the lifting of seizures against certain Ilva assets by the Court of Taranto. The asset sale, and payment of the purchase price, will occur on the later date of the conclusion of the two-year lease period and the lifting of the seizure of certain assets by the Court of Taranto. Transaction closing is also subject to EU merger control approval.
ArcelorMittal will hold a conference call hosted by Lakshmi N. Mittal, Chairman and CEO, and Aditya Mittal, CEO of ArcelorMittal Europe and group CFO to discuss the agreement to acquire Ilva on Monday 19 June at 3:30pm CET (2:30pm UK time and 9:30am US eastern time).

voda 19 juni 2017 16:23

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'Overname Ilva logisch voor ArcelorMittal'

Gepubliceerd op 19 jun 2017 om 10:40 | Views: 1.958 |

ArcelorMittal 16:05
18,37 +0,50 (+2,80%)

AMSTERDAM (AFN) - De overname van het Italiaanse Ilva, dat eigenaar is van de grootste staalfabriek van Europa in de Zuid-Italiaanse stad Tarente, door ArcelorMittal is logisch vanuit strategisch en financieel oogpunt. Dat meldde ING in een reactie op het overnamebericht dat vrijdagavond naar buiten kwam.

De koopprijs bedraagt 1,8 miljard euro. De overname wordt gedaan door ArcelorMittal samen met partner Marcegaglia. ING stelt dat dankzij de overname ArcelorMittal voet aan de grond krijgt in Italië. Nu heeft het bedrijf nog geen staalproductiecapaciteit in het land.

Daarnaast denkt ArcelorMittal dat de productie en concurrentiekracht van Ilva op termijn kunnen worden hersteld, wat mogelijk 10 procent toevoegt aan de volumes van het staalbedrijf. Tegen 2020 rekent ArcelorMittal er daarbij op zo'n 310 miljoen euro aan synergievoordelen te bewerkstelligen. Ilva zal naar verwachting ook al in het eerste jaar bijdragen aan het bedrijfsresultaat (ebitda) en in het in derde jaar aan de vrije kasstroom.

ING heeft een hold-advies voor ArcelorMittal dat maandagochtend omstreeks 10.25 uur 2,1 procent steeg tot 18,24 euro.

voda 19 juni 2017 16:24

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Beursblik: details overname Ilva door ArcelorMittal wijzen op goede deal

Credit Suisse spreekt van mogelijk zeer goede overname.

(ABM FN-Dow Jones) De overname van de Italiaanse staalfabriek Ilva door ArcelorMittal is mogelijk een zeer goede deal voor de staalfabrikant met een notering op het Damrak. Dit schreven analisten van Credit Suisse maandag, nadat afgelopen vrijdag meer details over de deal bekend werden gemaakt.

ArcelorMittal meldde dat Ilva in het eerste jaar gelijk zal bijdragen aan de winst (EBITDA) en in het derde jaar een positieve vrije kasstroom zal opleveren. Dit wijst volgens de Zwitserse bank op een EBITDA van tenminste 580 miljoen dollar in jaar drie na de overname, wat volgens de analisten "opvallend hoog" is.

ArcelorMittal betaalt, samen met joint venture partner Marcegaglia, 1,8 miljard dollar voor de staalfabriek, maar heeft tevens afgesproken om 1,1 miljard dollar te investeren om de fabriek milieuvriendelijker te maken, waardoor Credit Suisse spreekt van een totale overnamesom van 2,9 miljard dollar.

De analisten spraken van een goede deal, aangezien ArcelorMittal zes jaar de tijd krijgt om de fabriek te vernieuwen voordat de balans onder druk komt te staan. Als de staalmaker erin slaagt om de productie van Ilva op te schroeven en tegelijkertijd de winstgevendheid vast te houden, dan zou dit volgens hen wel eens een zeer goede deal kunnen zijn.

Het gaat hier wel over de lange termijn en de marktvorsers merkten daarom op dat de financiële markten, die momenteel vooral naar de korte termijn kijken, waarschijnlijk minder waarde aan de overname zullen toedichten.

Credit Suisse heeft een Outperform advies met een koersdoel van 31,00 euro op ArcelorMittal. Het aandeel sloot vrijdag op 17,87 euro.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999

Copyright ABM Financial News. All rights reserved

(END) Dow Jones Newswires

staalfreak2 19 juni 2017 19:22

0

corporate.arcelormittal.com/~/media/F...

ILVA presentatie van AM

voda 27 juni 2017 17:11

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Italy prefers jobs over environment in Ilva case - Report

Xinhua reported that a recent deal to allow a group headed by Luxembourg steel giant ArcelorMittal to take over troubled Italian steel maker Ilva is aiming to preserve jobs but it does too little to address environmental concerns. The winning AM Investco Consortium also includes participation from Italian steel processor Marcegaglia and Bank of Intesa Sanpaolo, and its 1.8 billion-euro (2.0-billion U.S. dollar) bid was picked over a rival bid from JSW Steel from India.

According to Stefano Ciafani, director general with the Italy's largest environmental group, Legambiente, the main difference between the two bids was that the AM Investco Consortium offered more guarantees for preserving jobs, while the JSW Steel was stronger on environmental issues.

Mr Ciafani said in an interview that "The Indian bid would have shifted to natural gas rather than coal for the bid that won. The winning bid does too little to address the environmental worries and it does what it does too slowly."

AM Investco Consortium did agree to spent at least 2.4 billion euros (2.7 billion US dollars) to modernize the plant and improve its impact on the environment. But that might not be enough, given Ilva's long and difficult history.

Ilva is Europe's largest single steel smelter in terms of capacity, and it has been the subject of major environmental concerns for more than a decade, dating back to when it was responsible for more than 90% of the Italian production of the pollutant dioxin and nearly a tenth of the dioxin production for the European Union as a whole.

The plant has also had a negative impact on air and water quality in the region of Pulia, where the plant is based, while also producing excessive levels of greenhouse gas emissions.

The plant has been temporarily shuttered on multiple occasions and it has paid millions in fines tied to environmental and health abuses.

Source : Xinhua

Bijlage:

[verwijderd] 20 juli 2017 07:11

0

Goede morgen.Alcoa gaat ons redden vandaag!Kwamen met aardige cijfers

[verwijderd] 29 juli 2017 23:20

0

quote:
Waakzaamking schreef op 20 juli 2017 07:11:
Goede morgen.Alcoa gaat ons redden vandaag!Kwamen met aardige cijfers

Waakzaamking, ik zie je nergens meer. Ben je nog wel actief?

Voornu 3 augustus 2017 08:33

0

Sorry, moest het gewoon even doen

voda 25 september 2017 16:45

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EU regulators to rule on ArcelorMittal's buy of Ilva by October 26

Published on Mon, 25 Sep 2017

Reuters reported that The European Commission said that EU competition regulators will decide by October 26 whether to clear Luxembourg based steelmaker ArcelorMittal’s acquisition of Italian steel plant Ilva. ArcelorMittal saught EU approval for the deal with the Italian state-controlled plant on September 21

The Commission can clear the deal with or without conditions or open a full-scale investigation if the companies fail to allay possible competition concerns.

Earlier this month, EU antitrust chief Margrethe Vestager told Reuters that it was a tricky case but the signs were good because of good cooperation with Italian authorities.

The Italian government has backed the deal between ArcelorMittal and Europe’s biggest steel plant by output capacity, which has a serious pollution issue.

Source : Reuters

voda 10 oktober 2017 17:02

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ILVA workers strike against redundancy plan as talks adjourned

ANSA reported that workers at Taranto's troubled ILVA steel plant on Monday staged a one-day strike against plans to axe around 4,000 jobs by Am Investco, the consortium that is taking over the company that owns the massive facility. Around 3,300 of the jobs would go at the Taranto factory. There were also protests in Genoa, where the 600 redundancies are planned.

The industry ministry hosted talks on the plan on Monday. Industry Minister Mr Carlo Calenda said that talks on the future of ILVA have been adjourned because of shortcomings in the restructuring proposal of the consortium taking over the steel-making firm. He said "The company's proposal on the salary and the situation for the workers is unacceptable. Talks adjourned.”

Source : ANSA

Bijlage:

voda 17 oktober 2017 19:16

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quote:
voda schreef op 25 september 2017 16:45:
EU regulators to rule on ArcelorMittal's buy of Ilva by October 26

Published on Mon, 25 Sep 2017

Reuters reported that The European Commission said that EU competition regulators will decide by October 26 whether to clear Luxembourg based steelmaker ArcelorMittal’s acquisition of Italian steel plant Ilva. ArcelorMittal saught EU approval for the deal with the Italian state-controlled plant on September 21

The Commission can clear the deal with or without conditions or open a full-scale investigation if the companies fail to allay possible competition concerns.

Earlier this month, EU antitrust chief Margrethe Vestager told Reuters that it was a tricky case but the signs were good because of good cooperation with Italian authorities.

The Italian government has backed the deal between ArcelorMittal and Europe’s biggest steel plant by output capacity, which has a serious pollution issue.

Source : Reuters

Even naar boven halen, dit bericht/melding hangt ook nog boven "Arcelor"!

Robert F 17 oktober 2017 22:44

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quote:
voda schreef op 17 oktober 2017 19:16:
[...]
Even naar boven halen, dit bericht/melding hangt ook nog boven "Arcelor"!

Wat voor invloed zou dit op de koers de 26e hebben denk je wanneer het een go of no-go wordt?

voda 20 oktober 2017 13:36

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ArcelorMittal zet stappen voor Ilva-deal

Gepubliceerd op 20 okt 2017 om 07:19 | Views: 2.244

ArcelorMittal 13:16
25,33 +0,66 (+2,68%)

AMSTERDAM (AFN/BLOOMBERG) - ArcelorMittal heeft een pakket maatregelen aangekondigd om bezwaren uit Brussel tegen de overname van zijn Italiaanse branchegenoot Ilva weg te nemen. Het staalconcern ging niet in op details, maar sprak van een ,,goede oplossing voor de feedback die het eerder kreeg".

ArcelorMittal en partner Marcegaglia bereikten in juni een akkoord over de overname van Ilva. Met de overeenkomst was een bedrag van 1,8 miljard euro gemoeid.

voda 23 oktober 2017 18:01

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EU authorities postpone decision on Ilva sale to November 13

The EU’s competition regulators have rescheduled their announcement of a decision on the sale of Italian flat steel producer Ilva to November 13 this year, a spokeswoman for the European Commission (EC) confirmed to Metal Bulletin on Monday October 23.

The decision was postponed because the intended purchaser, AM Investco Italy, a consortium led by ArcelorMittal and Italian re-roller Marcegaglia, submitted commitments to the authorities on October 19.

These commitments are modifications to the original projected purchase that would guarantee continued competition in the market, should the EC have concerns that a merger would significantly affect competition.

“We can confirm that we have received commitments but cannot comment on their content,” the spokeswoman said. “Our assessment of this proposed merger is continuing. The current decision deadline is November 13.”

ArcelorMittal did not respond to a request for comment at the time of publication.

The EC will analyse the proposed changes to see whether they are viable, and are sufficient to eliminate concerns about competition. If the remedies are accepted, they will become binding on the purchasing companies and an independent trustee will be appointed to supervise compliance with the commitments.

The original deadline for the ruling was October 26.

voda 24 oktober 2017 14:47

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ArcelorMittal offers EU concessions over Ilva - Report

Reuters reported that ArcelorMittal has offered concessions in a bid to allay EU antitrust concerns over its planned takeover of Italian steel plant Ilva. The world’s largest steelmaker submitted its proposal earlier on Thursday.

The EU competition authority, which did not provide details in line with its policy, extended the deadline for its decision to November 13 from October 26.

The Italian government has backed the deal between ArcelorMittal and Europe’s biggest capacity steel plant, which has a serious pollution issue.

Source : Reuters

Bijlage:

voda 26 oktober 2017 16:00

0

Ik denk nog steeds dat dit een slechte koop voor Arcelor wordt!

Schools closed in Taranto over fears of toxic wind from Ilva steel plant
Published on Thu, 26 Oct 2017

AFP reported that schools in part of the southern Italian city of Taranto were closed Wednesday on health grounds in an unprecedented step sparked by concerns over wind-born toxic emissions from the giant Ilva steelworks. The closures in Tamburi, the district of Taranto closest to the plant, were ordered by center-left Democratic Party mayor Rinaldo Melucci under a new environmental protection plan approved last month by the government.

Regional health officials also advised city residents to keep their windows closed and refrain from sports for the duration of the strong winds sending dust from the plant towards the city.

Regional environmental assessor Rocco De Franchi said "It is a painful but necessary step. We cannot close down the entire city but we needed a symbolic act of protection of the weakest."

The largest steelworks in Europe, Ilva is notorious for its long history of spewing out deadly toxins that have been linked to land and sea pollution as well as elevated mortality rates.

But with more than 10,000 employees, Ilva's Taranto plant is also a key component of the local economy and most residents want it to keep operating.

Source : AFP

SteelFollower 26 oktober 2017 16:25

0

quote:
voda schreef op 26 oktober 2017 16:00:
Ik denk nog steeds dat dit een slechte koop voor Arcelor wordt!

Schools closed in Taranto over fears of toxic wind from Ilva steel plant
Published on Thu, 26 Oct 2017

AFP reported that schools in part of the southern Italian city of Taranto were closed Wednesday on health grounds in an unprecedented step sparked by concerns over wind-born toxic emissions from the giant Ilva steelworks. The closures in Tamburi, the district of Taranto closest to the plant, were ordered by center-left Democratic Party mayor Rinaldo Melucci under a new environmental protection plan approved last month by the government.

Regional health officials also advised city residents to keep their windows closed and refrain from sports for the duration of the strong winds sending dust from the plant towards the city.

Regional environmental assessor Rocco De Franchi said "It is a painful but necessary step. We cannot close down the entire city but we needed a symbolic act of protection of the weakest."

The largest steelworks in Europe, Ilva is notorious for its long history of spewing out deadly toxins that have been linked to land and sea pollution as well as elevated mortality rates.

But with more than 10,000 employees, Ilva's Taranto plant is also a key component of the local economy and most residents want it to keep operating.

Source : AFP

Ik lees hierboven dat er een lange historie bestaat over de luchtvervuiling door ILVA. De AM directie in Brussel zal denkelijk goed weten waar ze aan beginnen. Ze zijn m.i. te conservatief om een kat in de zak te kopen, laat staan dat ze over 1 nacht ijs zijn gegaan denk ik zo. Bovendien kan AM de deal nog altijd afblazen als ze vrezen hierdoor reputatie schade op te lopen.... we gaan het zien!

voda 30 oktober 2017 16:51

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Italy sovereign fund may step in to save steel factory deal -sources

Reuters reported that Italy has asked its sovereign wealth fund to consider investing in the country’s biggest steelworks alongside global steelmaker ArcelorMittal to prevent competition regulators from sinking a deal to rescue the plant. The government is keen to safeguard ArcelorMittal’s takeover of the loss-making plant, in the southern city of Taranto, because its collapse could jeopardise more than 10,000 jobs, with general elections due early next year.

The European Commission is concerned ArcelorMittal and its current local bid partner, industrial group Marcegaglia, would become too powerful in the supply of galvanized steel products under their 1.8 billion euros (USD 2.1 billion) bid for the Ilva plant, said one source familiar with the matter.

Two other sources said the government had asked its sovereign wealth fund, Cassa Depositi e Prestiti to consider replacing Marcegaglia in the Am InvestCo bid consortium in an effort to ease those competition concerns.

One Source with knowledge of the situation said that “The economy ministry has asked CDP to evaluate entering into Am InvestCo because it fears the European Commission will highlight competition problems. CDP is considering this.”

CDP and Luxembourg-based ArcelorMittal, the world’s largest steelmaker, declined to comment. The Marcegaglia group made no comment. A European Commission spokeswoman declined to comment.

The commission had been due to rule on the offer by Oct. 26 but it extended the deadline to Nov. 13 amid media reports that regulatory concerns might derail the deal for Ilva, Europe’s biggest steel plant by production capacity.

A filing on the European Commission website earlier this month showed that ArcelorMittal had offered concessions to try to allay antitrust concerns, but no details of its proposal were made public.

Source : Reuters

Bijlage:

Vertraagd	7 feb 2025 17:35
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