EU Opens Investigation Into ArcelorMittal's Ilva Acquisition
ArcelorMittal, the world's biggest steelmaker, faces an in-depth antitrust investigation for its acquisition of troubled Italian steel plant Ilva, the European Union said Wednesday.
The EU said it was concerned the deal could reduce competition for flat carbon steel products and lead to higher prices for consumers, particularly in Southern Europe.
In-depth investigations are common in EU merger reviews. The parties can offer concessions, like selling assets, in a bid to satisfy the EU's concerns and complete the deal.
The EU said ArcelorMittal had in October already submitted commitments to address preliminary concerns, but that they were insufficient to dismiss the EU's "serious doubts" about the transaction.
The company can still submit further concessions to try to ease the EU's concerns.
The EU is giving itself until March 23 of next year to decide on the deal.
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(END) Dow Jones Newswires
November 08, 2017 12:56 ET (17:56 GMT)