AM Investco, the consortium led by ArcelorMittal that was put together to purchase Italian steelmaker Ilva, is pulling out of the deal, ArcelorMittal said on Monday November 4.
The consortium has sent a notice to the Ilva commissioners indicating that it intends to withdraw from the agreement for the lease and subsequent conditional purchase of the Ilva business and certain subsidiaries.ArcelorMittal, the world's largest steelmaker, completed the acquisition of Ilva on November 1 last year. Prior to settling the deal, however, ArcelorMittal got approval from the Italian government for an environmental plan under which the new owner pledged to invest ?,?1.15 billion ($1.28 billion) to address all the environmental problems at the...