European Union antitrust regulators will decide by July 9 whether to clear world No. 1 steelmaker ArcelorMittal’s bid for two French steel plants belonging to Sanjeev Gupta’s Liberty Steel, according to a European Commission filing.
ArcelorMittal on June 4 sought EU approval to buy the majority of shares in Liberty Steel France or its assets whose two main ones are rail maker Liberty Rail in Hayange and steel producer Liberty Ascoval in Saint-Saulve.
The EU competition watchdog can either clear the deal with or without conditions or it can open a four-month-long investigation if it has serious concerns.
Liberty Steel is part of the Gupta Family Group Alliance (GFG). Gupta has been scrambling to refinance his international web of businesses in steel, aluminium and energy after supply chain finance firm Greensill filed for insolvency in March.
Source: Reuters.com