Kremikovtzi sell probable, despite Finmetals denial

Kremikovtzi sell probable, despite Finmetals denial

Mittal owned Indian Global Steel Holdings Limited (GSHL) has all but finalized an agreement to purchase Bulgaria's largest steel plant, Kremikovtzi, at the end of April. GSHL hopes to acquire the 70% stake in Kremikovtzi that is currently held by Finmetals Holding. However, the Bulgarian Stock Exchange reported last week that Finmetals denied information that GSHL is close to finalizing a deal to purchase Kremikovtzi. Finmetals contends that GSHL's information is misleading. Regardless, Kremikovtzi expects to see a change in its Board of Directors when shareholders meet for an extraordinary meeting on April 29.