The European Commission has approved the merger of ArcelorMittal with CLN
The European Commission has approved the merger of ArcelorMittal and its joint venture for sheet metal maintenance in Italy, ArcelorMittal CLN Distribuzione Italia, which it has jointly owned with CLN since 2015, according to Callanish from the Commission.
"The Commission concluded that the announced transaction would not raise concerns about competition, given the limited market positions of the companies as a result of the proposed transaction. The announced transaction was reviewed under a simplified merger review procedure," the note says.
The deal will give ArcelorMittal, which currently holds a minority stake in the service center, full control over AMCLN. This came after a difficult period for CLN, which faced financial difficulties due to the deteriorating situation in the automotive sector.
AMCLN unites several service centers in Italy and operates subsidiaries, including Delna, specializing in metal storage and etching, and Tamagnone, specializing in the transportation and storage of coils.
Author: Natalia Kapra
Kallanish.com