LNM takeover of Nova Hut finally completes

LNM takeover of Nova Hut finally completes

The work in progress through the Czech anti-monopoly office's conditions regarding the London based Dutch Group LNM's Nova Hut takeover is heading towards completion, according to latest reports from the industry. LNM Holding will now finally take over the majority stake in the Czech steel producer Nova Hut on January 31. The delay was caused by LNM's additional time request to examine the conditions set forth by the UOHS. The anti monopoly office UOHS requested LNM to set a time for 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. Hence, the privatisation of the financially troubled steelmaker is completed.