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ArcelorMittal reaches Ilva deal with unions, opening way for takeover

ArcelorMittal signed a preliminary agreement last year to buy Ilva, which has the largest steel-producing capacity in Europe

Reuters  |  Rome 

Steel giant ArcelorMittal reached a deal on Thursday with trades' unions over its planned purchase of Ilva, opening the way for the contested takeover just days before the Italian steelmaker runs out of cash. ArcelorMittal signed a preliminary agreement last year to buy Ilva, which has the largest steel-producing capacity in Europe, but Italy's new government questioned the validity of the contract after it took office in June. However, with funds set to run dry later this month and thousands of jobs on the line, Deputy Prime Minister Luigi Di Maio said on Thursday he ...

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First Published: Thu, September 06 2018. 23:22 IST
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