Italy's state holding company CDP and Intesa Sanpaolo signed a nonbinding agreement to join the ArcelorMittal-led group that will acquire troubled Ilva International SpA, Reuters wrote Dec. 15, citing a source close to the matter.
The two new participants will replace Italian steel firm Marcegaglia SpA's participation in the transaction, estimated to be worth €100 million, after the latter backed out of the group.
Marcegaglia's withdrawal from the group is expected to help the transaction overcome antitrust issues as authorities continue to look into whether the deal will lead to higher steel prices. Italy's Puglia and Taranto regions also recently filed an appeal in court against the government's approval for the buyers' environmental plan as part of the deal.
ArcelorMittal and Marcegaglia won the bidding to purchase Ilva in May.
