EU antitrust authority: No specific disinvestments required for Ilva acquisition

Wednesday, 18 April 2018 17:45:11 (GMT+3)   |   Brescia
       

Although Italian media has leaked a report that the EU antitrust authority has unofficially approved the acquisition of Italian steelmaker Ilva's assets by AM InvestCo Italy, a spokesperson for the EU Commission body has stated, "We cannot predict the outcome [of the investigation]. We have not made a final choice".

The same spokesperson commented on the fact that the Luxembourg economy minister has expressed opposition to the sale of ArcelorMittal Dudelange, stating that the EU Commission "does not require" disinvestments of "specific" operations, but "analyzes disinvestments that are proposed by companies and assesses whether they respond to the concerns identified by the competition authority".

"We understand that when a merger leads to disinvestments these can be a source of uncertainty and concern for companies and workers, but the Commission's goal is to ensure that every asset sold continues to compete with those companies that merge," the spokesperson said.

The spokesperson for the EU antitrust authority continued by saying that the European Commission has no interest in closing the ArcelorMittal plants in Belgium and Luxembourg; on the contrary, it would deem it counter-productive from the competitive point of view, because competition would decrease, strengthening ArcelorMittal. Furthermore, the spokesperson stated, "We will approve the proposed remedies only if we are convinced that the transferred assets will continue to operate on a long-term and sustainable basis in the hands of new owners, and we will not approve a sale where this is not ensured."


Most Recent Related Articles

HRC deal prices increase gradually in European market

Italian PM: Strategic plan needed to define Italy's steel needs

Marcegaglia meets local institutions to express its interest in Acciai Speciali Terni

Domestic HRC prices in Europe decline, imports slow

ArcelorMittal Italia CEO: Ilva will be saved