Following its acquisition of four ArcelorMittal mills in Europe in mid-October, Liberty House Group has gone for more from ArcelorMittal's divestment package linked with its takeover of Ilva.
Liberty has submitted a binding offer for the acquisition of ArcelorMittal Dudelange (Luxembourg) and the following finishing lines that belong to ArcelorMittal Liège (Belgium): hot-dip galvanizing lines 4 and 5 in Flémalle; and hot-rolled pickling, cold rolling and tin packaging lines in Tilleur.
By agreeing to binding offers from Liberty for the full divestment package, ArcelorMittal has met the EC’s preference of finding a single suitable buyer, it says in a statement received by Kallanish. The assets are the final part of the divestment AM agreed with the European Commission during its merger control investigation into the company’s acquisition of Italy’s Ilva.
Transaction closing is subject to the completion of the acquisition of Ilva, which AM announced on 1 November. It is conditional on EC approval and the conclusion of consultations with local and European works councils, the group notes.
Liberty had been rumored as interested in the Benelux finishing lines since shortly after it struck the deal for the four mills when union sources in Belgium and Luxembourg were informed that a new bid for the lines had been received. Prior to that, NLMK, SSAB and Salzgitter had shown interest in these lines.