LNM: Nova Hut takeover big plus for Czech industry
LNM's vice chairman Aditya Mittal told the press that acquiring Nova Hut will increase domestic demand in the Czech Republic and guarantee access to global markets. If the deal goes through, the Czech government will be compliant with EU standards for privatization in the steel industry, sources report. LNM increased its offer for Nova Hut to $527 million over a period of ten years for debt relief and new investment, according to LNM officials. Meanwhile, there are other firms interested in Nova Hut should the government back out of the LNM offer. Officials report that LNM's offer is final and remains valid through May 23. Czech officials are expected to decide on the bid by May 22.