ArcelorMittal, the world’s largest steelmaker, has offered to sell plants across Europe in an effort to address EU antitrust concerns over its 1.8 billion euro ($2.2 billion) bid for Italian peer Ilva.

The offer of concessions was submitted on Thursday. No details were provided, in line with the European Commission’s policy.

While declining to provide further details, ArcelorMittal said it hoped the concessions would allay the EU competition enforcer’s worries.

“We understand this remedy package will now be subject to market testing. We hope for a swift conclusion,” ArcelorMittal said.

The company has offered to sell facilities across Europe, a person familiar with the matter told Reuters.

The EU antitrust watchdog is now expected to seek feedback from rivals and customers on the concessions before deciding whether to clear the deal. It will decide on the deal by May 23.

The Commission has said the deal to acquire Europe’s biggest capacity steel plant might reduce competition in some flat carbon steel products and lead to higher prices for customers in southern Europe.

Based in the city of Taranto in southern Italy, Ilva has been plagued by charges of corruption and environmental crimes for years. ($1 = 0.8091 euros)

 

Source: in.reuters.com

Report Abuse