The US-based investment fund Flacks Group has announced the launch of exclusive negotiations for the potential acquisition of the former Ilva steelworks in Taranto in southern Italy.
According to the proposed framework outlined by Michael Flacks, founder and chairman of Flacks Group, the Italian government would retain a 40 percent ownership stake, while Flacks Group would acquire the remaining share. The proposal also includes an option for Flacks Group to purchase an additional 40 percent stake in the future.
According to Flacks, the group is prepared to invest up to €5 billion to modernize operations at the Taranto plant. Planned upgrades include electrification initiatives aimed at improving efficiency, supporting decarbonisation, and fostering sustainable growth. The investor also stated that the transaction is intended to secure the long-term future of the site, maintain 8,500 jobs, and reinforce European supply chains serving the automotive, construction and infrastructure sectors.
The agreement must first be finalized and subsequently approved by the Italian government, which aims to complete the assignment in early 2026.