The European Commission has announced that it has approved, pursuant to the EU Regulation on Contractions, the acquisition of joint control of AM InvestCo Italy, formally the tenant of the former Ilva plants, by ArcelorMittal and Italian state-owned agency Invitalia. In a note, the commission explained that the operation “does not raise competition problems, given the absence of overlaps and vertical links between the activities of the companies in the European Economic Area.”
According to the agreement signed last December, the Italian state will assume a 50 percent share in the management of the Ilva facilities through an investment of €400 million. During a second phase, starting from 2022, when Invitalia will inject another €680 million into the company, the agency’s stake will rise to 60 percent. ArcelorMittal will also invest up to €70 million, to retain a 40 percent shareholding.
Local trade union Fiom-CGIL commented, “At this point, there is really nothing that prevents or can slow down a process of dialogue and widespread participation [from our side] in the industrial, occupational and environmental choices of the group. Above all, there is no longer anything that can justify the delay in starting the investments that are necessary to support the relaunch of all the plants.”