The European Commission has cleared the merger between ArcelorMittal and its Italian flat steel service centre joint venture, ArcelorMittal CLN Distribuzione Italia, which it has co-owned with CLN since 2015, Kallanish learns from the Commission.
“The Commission concluded that the notified transaction would not raise competition concerns, given the companies’ limited market positions resulting from the proposed transaction. The notified transaction was examined under the simplified merger review procedure,” it says in a note.
The transaction will give ArcelorMittal, which currently holds a minority stake in the service centre, full control over AMCLN. This follows a difficult period for CLN, which has faced financial pressure due to deteriorating conditions in the automotive sector.
AMCLN combines several service centre assets in Italy and operates subsidiaries including Delna, active in metal storage and pickling, and Tamagnone, specialising in coil transport and storage.
Author: Natalia Capra
