The European antitrust regulators' decision about the proposed acquisition of Italian steelmaker Ilva by AM InvestCo Italy Srl will not be disclosed before the Italian parliamentary elections due to take place on March 4. This was confirmed at a press conference on February 21 by European Commissioner for Competition Margrethe Vestafer: "The state aid investigation is closed and resolved, while the merger investigation is a complicated procedure that has to do with the EU steel market, which is very important for Europe if you think of all the industries that use steel," the commissioner stated. "We take this investigation very seriously. Its legal deadline is after the Italian elections, and we won't make any decision before that date," she added.
The deadline for a ruling by the European Antitrust Authority is set for April 4. The green light of the European antitrust authority is decisive for closing the sale of Ilva assets to AM InvestCo Italy, global steel giant ArcelorMittal's consortium with Italian steel processor Marcegaglia. As reported in December, the European antitrust authority has concerns that the merger may reduce competition for a number of flat carbon steel products. Therefore, Marcegaglia - which currently owns a stake of 15 percent in AM InvestCo Italy - could be forced to exit the consortium, while ArcelorMittal could sell its Magona plant in Piombino, Italy, to Italian flat steel producer Arvedi, a rumor that was reported by local Italian media at the end of last year.