ArcelorMittal seeks EU's consent to buy Gupta's French steel mills

The EU has not given a deal fast-track "simplified" status that would allow for a quick approval. The deadline for ruling on the deal is July 9.

ArcelorMittal SA is seeking approval from European Union regulators after bidding to buy French steel assets from beleaguered tycoon Sanjeev Gupta.
 
The steel giant is planning to buy the majority of the shares in Liberty Steel France Holding SAS, which owns the Ascoval and Hayange plants, according to European Commission documents. The mills sought creditor protection in April amid financial distress at Gupta’s GFG Alliance, which owns the assets.
 
Gupta has been struggling to refinance his metals empire after the collapse of Greensill Capital, its biggest lender. GFG is now the target of a U.K. probe into possible