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ArcelorMittal receives binding offer to sell European units to Liberty House

ArcelorMittal said Oct. 11 that it received a binding offer to sell its Czech Republic, Romanian, Macedonian and Italian steelmaking units to Sanjeev Gupta's Liberty House Ltd. Terms of the deal were not disclosed.

The Luxembourg-based manufacturer's sale of its European units is part of an agreement with the EU to address antitrust concerns over its €1.8 billion acquisition of Ilva International SpA.

Closing is subject to completing its acquisition of Ilva and the EU's approval. ArcelorMittal is continuing negotiations with parties for the sale of its Luxembourg and Belgian assets.

In September, ArcelorMittal reached a deal with Italian steel unions over its acquisition of Ilva. Italian Deputy Prime Minister Luigi Di Maio said he would no longer oppose the takeover, despite previously claiming the tender for the sale was invalid.