The long drawn-out process for the sale of troubled Italian integrated steelmaker Ilva has hit a new problem according to reports from mainstream Italian media sources.
Kallanish understands that executives from the European Commission sent a letter in early April to warn the participants in the bidding process that the authorities will look carefully at possible antitrust issues. This letter has raised some concerns as one of the two bids on the table is led by the largest European and global steelmaker, ArcelorMittal, as reported.
In response to the letter from the Commission, the administrators are reported to have asked the two consortia currently involved in the bidding process to allow further delay in making the decision. The delay could mean shifting the deadline to the first quarter of 2018, but this possibility has not yet been confirmed.
According to local newspapers, a new delay can only be possible if the bidders accept this formally and agree to maintain their bids in the months leading up to the decision.
As reported, the market was widely expecting the administrators to announce the winner of the bidding process for Ilva by the end of June this year.
