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Invitalia negotiating to delay completion of Acciaierie d'Italia's acquisition
Release Time:
2022-05-29
Invitalia, Italy's national development agency, owned by the Italian Ministry of Economy, is negotiating with ArcelorMittal to delay the completion of its acquisition of a majority stake in Acciaierie d'Italia, which is a public-private partnership between ArcelorMittal and Invitalia.
According to the 2020 agreement between the parties, Invitalia paid the first tranche of €400 million last year to AM InvestCo, the ArcelorMittal subsidiary, that agreed to purchase the former Ilva plant. This gave Invitalia joint control over AM InvestCo, later renamed Acciaierie d'Italia Holding. The second equity injection by Invitalia, amounting to up to €680 million, is due to be paid on the closing of AM InvestCo's purchase of Ilva, which was expected by the end of May this year, subject to certain conditions precedent. At this point, Invitalia's shareholding in Acciaierie d'Italia would increase to 60 percent, with ArcelorMittal to invest up to €70 million to retain a 40 percent shareholding and joint control over the company."
However, the second equity injection has not been paid yet, as one of the conditions precedent was the end of the court seizure of the polluting plants in Taranto, and such assets are still under seizure.
Therefore, Invitalia is seeking to delay the May deadline to August 2023, commissioners of Ilva in Extraordinary Administration said during a hearing of the Italian parliament this week.
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