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ArcelorMittal taps Bank of America Merrill Lynch for European assets sale

ArcelorMittal tapped Bank of America Merrill Lynch to dispose of certain European assets in a bid to secure antitrust clearance for the planned acquisition of Italian steelmaker Ilva International SpA, Reuters reported May 9.

The suitors for these assets are likely to come from Europe and Asia, according to the report.

ArcelorMittal recently secured an approval from the European Commission for the €1.8 billion acquisition of Ilva after pledging to sell its assets in Italy, Romania, Macedonia, Czech Republic, Luxembourg and Belgium.

The commission launched a probe in late 2017 over concerns that the merger will reduce competition in some flat carbon steel products, leading to increased prices.

The Luxembourg-based steel producer intends to invest an additional €2.4 billion in cleaning up and modernizing Ilva.