A US investment fund is reportedly in talks to acquire Terni, Italy-based stainless steel producer Acciai Speciali Terni, subsidiary of German group ThyssenKrupp. Market insiders state that the interested party in question could be the Apollo investment fund, which in July last year acquired Ascometal, the French subsidiary of Italian steelmaker Lucchini Group.
As reported by local Italian newspapers, the US investment fund could mask the presence of other stainless steel companies such as Italian stainless products distributor Marcegaglia and South Korean stainless producer POSCO, which are already connected by several commercial agreements. None of the cited companies has confirmed the rumors.
Acciai Speciali Terni, a part of ThyssenKrupp's stainless steel unit Inoxum, is valued by market observers at about €1-1.2 billion. A likely figure for the buyout could be set at around €750 million, but the deal could also involve a part of the huge debt of ThyssenKrupp group.