Italy to Review and Potentially Scrap ArcelorMittal-Ilva Deal
25 July 2018 - 7:10PM
Dow Jones News
By Nathan Allen
Italy's government is opening a formal review of ArcelorMittal's
(MT.AE) proposed takeover of the Ilva steelworks, which could lead
to the deal being scrapped, according to a statement issued late
Tuesday by the Ministry for Economic Development.
"We have a duty to ascertain the facts after several critical
issues have emerged," Economic Development Minister Luigi Di Maio
said in the statement.
ArcelorMittal agreed last year to buy Ilva for 1.8 billion euros
($2.1 billion) after it was placed under state supervision due to
financial difficulties and environmental issues.
The steelmaker was set to take over operations on July 1, but
the Italian government delayed the handover date to Sept. 15,
citing environmental, social, economic and employment concerns.
On Tuesday ArcelorMittal said it had accepted all additional
commitments requested by Italian authorities and expected the
transaction to close soon, driving its share price up by nearly
5%.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
July 25, 2018 04:55 ET (08:55 GMT)
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