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 ($2.2 billion) bid for Italian peer Ilva.
The offer of concessions was submitted on Thursday, March 15. 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 European Commission 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.
Full Content: Euro News
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