American multinational financial services company J.P. Morgan will be following the sale procedure of Italian stainless steel producer Acciai Speciali Terni (AST), currently owned by German steelmaker ThyssenKrupp. The announcement was made by Volkmar Dinstuhl, head of mergers and acquisitions of ThyssenKrupp AG. As reported previously, six companies have expressed interest in the Terni-based site so far - Italian steelmakers Marcegaglia and Arvedi, and four foreign groups that have remained anonymous for the moment. Other players are expected to step forward now that ThyssenKrupp has chosen its advisor for the sale. AST's valuation is between €600 million and €1 billion, and the plant could be sold to more than one company. The investment bank will ask the interested parties to submit a non-binding offer, presumably by the end of the year. AST will therefore open a data room to which only those who have submitted a serious proposal will have access.
As reported by SteelOrbis in May this year, the parent company, announcing a deep restructuring plan, put the Terni-based plant on the market, looking for a partner or a buyer for the site.