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Italy's Ilva steel plant gets purchase offers of 1.6 and 1.2 bln euros - sources
March 17, 2017 / 1:28 PM / 9 months ago

Italy's Ilva steel plant gets purchase offers of 1.6 and 1.2 bln euros - sources

ROME, March 17 (Reuters) - Two consortiums offered bids for the Ilva steel group of 1.6 billion euros ($1.72 billion) and 1.2 billion euros respectively to purchase the loss-making plant in southern Italy, three sources familiar with the matter said on Friday.

ArcelorMittal, the world’s largest steelmaker, and Italy’s Marcegaglia, a family-run group, put forward the larger bid, sources said. ArcelorMittal said earlier this month it would also invest 2.3 billion euros and boost production at Europe’s biggest steel plant by output capacity.

A consortium including India’s JSW Steel, Italian state holding company Cassa Depositi e Prestiti and Arvedi made a rival binding offer of 1.2 billion euros, sources said.

Two sources said that the JSW-led consortium is offering to invest an additional 3 billion euros if it takes over the factory.

Italian state commissioners now managing the steelmaker have until April 6 to weigh the offers, and two sources said a decision will be announced during the second half of April. ($1 = 0.9314 euros) (Reporting by Massimiliano Di Giorgio, writing by Steve Scherer)

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