ArcelorMittal offered to sell off plants across Europe to address European Union antitrust concerns about the company's proposed €1.8 billion acquisition of Italian steel producer Ilva International SpA, Reuters reported March 15. Details of the asset disposal have not been disclosed.
The European Commission launched a probe in late 2017 over concerns that the merger will reduce competition in some flat carbon steel products, leading to increased commodity prices. The watchdog will decide on the deal by May 23, according to the report.
Previously, ArcelorMittal sought revisions to the proposed acquisition to include a provision to allow the deal to be suspended or dissolved if the lawsuits against the transaction in a court in southern Italy are successful.
