Italian steelmaker Acciaieria Arvedi has withdrawn its notification to the European Commission for the takeover of service centre ArcelorMittal CLN Distribuzione Italia (AMCLN), according to an EC document seen by Kallanish.
Arvedi notified authorities of the deal in September, seeking sole control of AMCLN through a share purchase. The antitrust decision was expected in early October and could delay the sale. The document does not give a reason for the withdrawal.
According to union sources, another Italian company has lodged an appeal with the EU against the deal. A withdrawal usually allows the parties to refile the notification later. Arvedi may need to refile to address the complaint, allowing a longer review.
Arvedi had not commented by the time of publication.
The unions have repeatedly urged a quick decision, warning of the risk to jobs. AMCLN employs about 400 people across six sites in Italy.
“We hope the EU antitrust authority will rule quickly on the Arvedi group’s acquisition of AMCLN. We remain puzzled by the appeal lodged with the European institutions by an Italian business, which, in our view, has acted irresponsibly. Its appeal is unfounded compared with the only binding offer, and it puts jobs and industrial continuity at risk,” Uilm union national secretary Guglielmo Gambardella and Giovanni Galgano, Uilm Basilicata secretary say in a note.
AMCLN is a joint venture between ArcelorMittal and Italian group CLN. It processes and distributes flat steel, mainly for the automotive sector.
ArcelorMittal had planned to take full control, and the Commission cleared that deal in May. However, ArcelorMittal pulled out after the Italian government imposed conditions under its golden power rules.
