ArcelorMittal Completes Asset Sale to Liberty House Group
July 01 2019 - 2:52AM
Dow Jones News
By Patrick Costello
ArcelorMittal (MT.FR) said Monday that it has completed the sale
of several steel making assets to London's Liberty House Group,
part of the divestment package agreed to with the EU to gain
approval for its takeover of Italian steelmaker Ilva SpA.
The total net consideration for the assets payable to
ArcelorMittal is 740 million euros ($841.1 million), the
Luxembourg-based steelmaker said.
The company said it received EUR610 million on June 28 and is
depositing EUR110 million in escrow for the London-based metals
group to use for capital expenditure projects as part of the EU's
approval process.
Assets included in the sale are ArcelorMittal Ostrava in the
Czech Republic, ArcelorMittal Galati in Romania, ArcelorMittal
Skopje in Macedonia, ArcelorMittal Piombino in Italy, ArcelorMittal
Dudelange Luxembourg and several finishing lines at ArcelorMittal
Liege in Belgium, the company said.
ArcelorMittal agreed to acquire Ilva for EUR1.8 billion in
2017.
Write to Patrick Costello at patrick.costello@dowjones.com.
(END) Dow Jones Newswires
July 01, 2019 02:37 ET (06:37 GMT)
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