The European Commission has pushed back the deadline for a decision on the acquisition of Italian steelmaker Ilva by AM InvestCo Italy to April 19. The final deadline for a ruling by the European Antitrust Authority on the operation was initially set for April 4, but has now been extended by 11 working days.
Just a week ago, European Competition Commissioner Margrethe Vestager said that the Antitrust Authority would not make a decision on Ilva before the Italian parliamentary elections due to take place on March 4. Still, such a decision could be disclosed before the new official deadline of April 19.
The European Commission opened an in-depth investigation last November, in order to assess the proposed acquisition of Ilva by AM InvestCo Italy under the EU Merger Regulation. The Commission has concerns that the merger may reduce competition for a number of flat carbon steel products.
As previously reported, to resolve the critical issues raised by the Antitrust Authority, Italian steel processor Marcegaglia may have to leave the AM InvestCo Italy consortium, while ArcelorMittal could be forced to sell its Magona plant in Piombino, Italy.