Thyssenkrupp is accelerating the sale of Italian stainless steel producer subsidiary Acciai Speciali Terni (AST). Trade unions tell Kallanish the company has started the first phase of the sale, where potential buyers will have access to some of AST’s production and sales documents, and assess its financial situation.
This phase should last 1-2 months and should enable potential buyers to make an informed offer. JP Morgan will handle the procedure and select the best candidate for the next phase.
Italian steelmaker Arvedi and Posco are rumoured to be competing for AST, while re-roller Marcegaglia has recently reiterated its interest in the steelmaker. Marcegaglia consumes around 500,000 tonnes/year of stainless steel and buys 30% of its coils from Terni, chief executive Antonio Marcegaglia confirms to Kallanish. The re-roller is able to provide a solid industrial plan based on extending industrial synergies already in place with AST, he adds.
According to rumours, another potential Chinese investor has expressed interest in the steelmaker. Last year Thyssenkrupp announced it was seeking either a partnership or a sale for its Italian subsidiary pursuing its restructuring strategy (see Kallanish passim).
Natalia Capra France
