AM Investco Italy, a consortium led by the world's largest steelmaker, ArcelorMittal, completed the transaction to acquire Italian steelmaker Ilva on Thursday November 1, the company said today.
Following completion of the transaction, ArcelorMittal has assumed full management control of Ilva, which will form a new business cluster within ArcelorMittal Europe - Flat Products and be known as ArcelorMittal Italia.ArcelorMittal has a 94.4% stake in AM Investco, with Italian bank Banca Intesa Sanpaolo holding the remaining 5.6%."Closing the acquisition of Ilva is an important strategic step for ArcelorMittal," Lakshmi Mittal, chairman and chief executive officer of ArcelorMittal, said. "Ilva is a quality asset that provides a unique opportunity to expand and strengthen our European presence by acquiring Europe's single-largest steelmaking site.""It is a great pleasure to welcome Ilva...