The European Commission (EC) has approved the proposed acquisition of Ilyich Steel and Ilyich Iron and Steel Works, the Ukrainian steelmaker specialized in flat steel production, by Netherlands-based company Metinvest B.V., which owns the Ukrainian mining and steel producing company Metinvest Holding (Metinvest).
"After examination of the notification, the EC has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5(c) of the Commission Notice on a simplified procedure for treatment of certain concentrations," the EC said in its statement, declaring the notified operation compatible with the internal market.
As SteelOrbis previously reported, on August 18, 2010, Metinvest obtained formal approval from the Antimonopoly Committee of Ukraine for the acquisition of newly-issued shares of Ilyich Steel and Ilyich Iron and Steel Works, thereby granting more than 50 percent of voting rights in the managerial body of this company.