The European Commission has given ArcelorMittal’s Italian entity AM InvestCo Italy and government financial body Invitalia the go-ahead for the merger involving former steelmaker Ilva, Kallanish learns from the Commission.
On 6 January, the EU received notification of a proposed concentration by which Invitalia and ArcelorMittal are to acquire joint control of the whole of AM InvestCo Italy, controlled by ArcelorMittal. The European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement, it says in a note obtained by Kallanish.
In December ArcelorMittal signed a binding agreement with Invitalia. The parties formed a public-private partnership. The investment agreement will result in the recapitalisation of AM InvestCo, ArcelorMittal’s subsidiary which signed the lease and obligation to purchase agreement for Ilva (see Kallanish 11 December).