ArcelorMittal Signs Agreement With Invitalia
December 11 2020 - 2:54AM
Dow Jones News
By Giulia Petroni
ArcelorMittal said Friday that it has signed a binding agreement
with Italian state-owned company Invitalia SpA resulting in a
recapitalization of its subsidiary AM InvestCo, which is set to
acquire Europe's biggest steel plant Ilva.
The Luxembourg-based steel-and-mining company said the deal will
allow the parties to have joint control over AM InvestCo, with
Invitalia holding a 60% shareholding and ArcelorMittal the
remaining 40%.
Invitalia will make a first investment of 400 million euros
($484.4 million) in AM InvestCo by Jan. 31, 2021, subject to the
approval of EU anti-trust authorities, according to
ArcelorMittal.
A second tranche of up to EUR680 million will then be invested
on closing of AM InvestCo's purchase of Ilva by May 2022. The deal
is subject to the amendment of the existing environmental plan, the
lifting of all criminal seizures on the plant and the absence of
restrictive measures against AM InvestCo.
ArcelorMittal will invest up to EUR70 million in the subsidiary
in order to retain joint control, it said.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
December 11, 2020 02:39 ET (07:39 GMT)
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