The Italian government demanded a €320 million ($351 million) capital increase from ArcelorMittal to cover the company's urgent financing needs. ArcelorMittal, however, rejected this offer and rejected an alternative proposal to change the government's takeover control of Invitalia by increasing the public shareholding in the company to 66%, leading to a disagreement.
According to sources, ArcelorMittal met with its lawyers to assess how the government would proceed after rejecting the offer. Given the legal issues and bureaucratic processes, ArcelorMittal is reportedly not ready to pay for the equipment at this time and the Italian officials need to find an alternative solution. This was reported as a development, with a meeting between the parties expected to take place this week to discuss other alternatives.
It is reported that while the future of ADI is still uncertain, negotiations will continue between the stakeholders to reach a solution.
Comments
No comment yet.