+
ArcelorMittal seeks EU approval to buy Sanjeev Gupta’s French steel mills
Steel

ArcelorMittal seeks EU approval to buy Sanjeev Gupta’s French steel mills

ArcelorMittal SA is seeking approval from the European Union (EU) to buy the French steel mills from the beleaguered tycoon Sanjeev Gupta.

According to the European Commission, the steel giant is planning to buy a majority of shares in the Liberty Steel France Holdings SAS who owns the Ascoval and Hayange plants. The mills sought creditor protection in April, amid the financial crisis at Gupta's GFG Alliance assets.

Sanjeev Gupta has been struggling to refrain from its empire after the collapse of the Greensill Capital. Now GFG is the target of a UK probe into fraud and money laundering to secure the new working capital for its British businesses from White Oak Global Advisors LLC.

ArcelorMittal's spokesperson confirmed that it had bid for the Gupta's assets and said that it has planned to invest in it.

Liberty Steel France, GFG's steel arm, said it was taking prudent steps to explore sales options for these businesses after they have faced a significant reduction in their working capital support after the collapse of Greensill Capital.

The EU has not given a deal fast-track simplified status that would allow quick approval. The deadline for ruling over the deal is July 9.

In 2018, ArcelorMittal sold a string of European steel mills to GFG Alliance to assuage antitrust concerns raised when it acquired the Italy-based Ilva steelworks, Taranto. It has sold a majority of its plant stake, which was one of the largest in Europe, to the Italian state.

Image Source


Also read: Liberty Steel to sell UK plant as a part of restructuring plan

Also read: JSW Steel finalises Welspun Steel division acquisition for Rs 848 cr

ArcelorMittal SA is seeking approval from the European Union (EU) to buy the French steel mills from the beleaguered tycoon Sanjeev Gupta. According to the European Commission, the steel giant is planning to buy a majority of shares in the Liberty Steel France Holdings SAS who owns the Ascoval and Hayange plants. The mills sought creditor protection in April, amid the financial crisis at Gupta's GFG Alliance assets. Sanjeev Gupta has been struggling to refrain from its empire after the collapse of the Greensill Capital. Now GFG is the target of a UK probe into fraud and money laundering to secure the new working capital for its British businesses from White Oak Global Advisors LLC. ArcelorMittal's spokesperson confirmed that it had bid for the Gupta's assets and said that it has planned to invest in it. Liberty Steel France, GFG's steel arm, said it was taking prudent steps to explore sales options for these businesses after they have faced a significant reduction in their working capital support after the collapse of Greensill Capital. The EU has not given a deal fast-track simplified status that would allow quick approval. The deadline for ruling over the deal is July 9. In 2018, ArcelorMittal sold a string of European steel mills to GFG Alliance to assuage antitrust concerns raised when it acquired the Italy-based Ilva steelworks, Taranto. It has sold a majority of its plant stake, which was one of the largest in Europe, to the Italian state. Image Source Also read: Liberty Steel to sell UK plant as a part of restructuring plan Also read: JSW Steel finalises Welspun Steel division acquisition for Rs 848 cr

Next Story
Infrastructure Energy

Bihar Launches Rs 53.4 Billion Green Energy Plan

The Bihar government has taken a major stride towards clean energy with the launch of two new policies and the signing of agreements totalling Rs 53.4 billion. These initiatives aim to generate 2,357 megawatts (MW) of renewable energy through solar, wind, battery storage, and other sustainable technologies.The Bihar Renewable Energy Policy 2025 and the Pump Storage Policy 2025 were officially introduced at an event in Patna. Designed to attract significant investment, the policies seek to position Bihar as a key centre for clean energy projects. Energy Minister Bijendra Prasad Yadav stated tha..

Next Story
Infrastructure Transport

Bids Invited for Rs 62.5 Billion Vizag Metro Project

The long-anticipated Visakhapatnam Metro Project has made significant progress, with the Andhra Pradesh Metro Rail Corporation inviting bids for the first civil contract under Phase 1 of the Vizag Metro. The estimated cost of this contract is Rs 62.5 billion.This engineering, procurement and construction (EPC) contract covers the design and construction of a 46.23 km viaduct spanning three corridors, including a 20.16 km double-decker four-lane flyover cum metro viaduct. The project also comprises 42 elevated metro stations across Visakhapatnam.Recently, SYSTRA Consultancy signed a Memorandum ..

Next Story
Real Estate

Oberoi Realty to Buy Hotel Horizon for Rs 9.19 Billion

A consortium led by Mumbai-listed Oberoi Realty Ltd is set to acquire debt-laden Hotel Horizon Pvt Ltd in Juhu, Mumbai for Rs 9.19 billion (approximately USD 107 million) under a resolution plan approved through India’s Insolvency and Bankruptcy Code (IBC).In a filing to the stock exchange, Oberoi Realty confirmed that the Committee of Creditors of Hotel Horizon had approved the resolution plan, following which a letter of intent was issued. The consortium also includes Shree Naman Developers and JM Financial Properties.As per the resolution plan, the consortium will make a payment of Rs 9.1..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?