LNM takeover of Nova Hut delayed

LNM takeover of Nova Hut delayed

As per the latest reports from the industry, the LNM takeover of the Czech steel maker Nova Hut will have to go through the conditions of the Czech anti monopoly office prior to completion. The anti monopoly office UOHS requests a time schedule to be set for Nova Hut's restructuring program together with a production lowering proposal. It is also ruled that an evaluation report must be issued and updated every six months, and experts both by the EU commission and the UOHS should be entitled to examine Nova Hut's books. The Czech National Property Fund (FNM) holding the majority stake of the company at the moment stated that LNM must confirm all conditions fulfilled prior to completion of the takeover. LNM has asked to be given more time to evaluate the conditions and a decision is not expected earlier than next month.