EU Opens Investigation Into ArcelorMittal's Ilva Acquisition
09 November 2017 - 5:11AM
Dow Jones News
By Natalia Drozdiak
BRUSSELS--ArcelorMittal, the world's biggest steelmaker, faces
an in-depth antitrust investigation for its acquisition of troubled
Italian steel plant Ilva, the European Union said Wednesday.
The EU said it was concerned the deal could reduce competition
for flat carbon steel products and lead to higher prices for
consumers, particularly in Southern Europe.
In-depth investigations are common in EU merger reviews. The
parties can offer concessions, like selling assets, in a bid to
satisfy the EU's concerns and complete the deal.
The EU said ArcelorMittal had in October already submitted
commitments to address preliminary concerns, but that they were
insufficient to dismiss the EU's "serious doubts" about the
transaction.
The company can still submit further concessions to try to ease
the EU's concerns.
The EU is giving itself until March 23 of next year to decide on
the deal.
Write to Natalia Drozdiak at natalia.drozdiak@wsj.com
(END) Dow Jones Newswires
November 08, 2017 12:56 ET (17:56 GMT)
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