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ArcelorMittal receives European panel nod to acquire Italy's Ilva

ArcelorMittal receives European panel nod to acquire Italys Ilva
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New Delhi: Global steel giant ArcelorMittal on Monday said it has received a go-ahead from the European Commission (EC) to acquire Italian steelmaker Ilva.
The approval is a significant milestone in the transaction to acquire loss-making Ilva and represents a major step towards closing the deal, which is now expected to occur as soon as possible, the company said in a statement.
"ArcelorMittal (the company) announces that it has been granted merger clearance by the EC for AM Investco Italy Srl (AM Investco)'s proposed acquisition of Ilva S p A (Ilva)," it said.
EC's merger clearance follows the conclusion of the Commission's Phase II investigation into the proposed acquisition, it added.
In November last, European Union's anti-trust authorities had opened an investigation into ArcelorMittal's bid to buy Ilva.
ArcelorMittal had earlier said Ilva would be an important strategic acquisition, offering a significant presence in a country where it has no primary steelmaking capacity.
L N Mittal-led ArcelorMittal has also bid for debt-laden Essar Steel, one of the 12 stressed assets identified by RBI, in an insolvency process.
Steel tycoon L N Mittal has said he would be surprised if ArcelorMittal, the world's largest steelmaker, is declared ineligible to participate in the bid for Essar Steel.
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