Genoa – ArcelorMittal would be willing to sell its share to Invitalia, but the public shareholder is not willing to increase its stake to 100% of Acciaierie d'Italia, reportedly due to protests from the European Union.
The meeting between Invitalia and the multinational it produced no solution, at the moment. A Council of Ministers is underway on other topics, but it cannot be ruled out that news will arrive from the government this evening.
Sources close to ArcelorMittal reveal the lack of agreement following the meeting between the two shareholders this morning: “Invitalia is proposing a dilution of ArcelorMittal to 34%, through a capital increase of 320 million euros and the conversion of the shareholder loan into capital – it is explained -. Consequently, ArcelorMittal would lose joint control and become a minority investor, with only basic protection rights. These two proposals are in principle acceptable to AM.”
“Invitalia – the sources add – also requests that ArcelorMittal, as a minority shareholder without any participation in the management, continues to finance Acciaierie d'Italia in the future. This request is not acceptable to AM, except for participation in the financial resources for the purchase of the plants, for which AM has offered a contribution of 200 million euros”.
“Since the government has expressed its desire for ArcelorMittal to exit AdI, AM has also put forward the proposal to sell its remaining shares directly to Invitalia or to another investor acceptable to the government. However, Invitalia is not willing to acquire AM's share”.
“ArcelorMittal continues to seek a constructive solution – the sources conclude – but in the negotiations Invitalia remains in its positions with respect to the proposals put forward. ArcelorMittal's objective is to find a negotiated solution as an alternative toextraordinary administrationwhich is harmful both for the business of Acciaierie d'Italia and for all its stakeholders”.
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