ArcelorMittal gets European Commission nod to acquire Italy's Ilva

Global steel giant ArcelorMittal today said it has received a go-ahead from the European Commission (EC) to acquire Italian steel maker Ilva.

The approval is a significant milestone in the transaction to acquire loss-making Ilva and represents a major step towards closing the deal, which is now expected to occur as soon as possible, the company said in a statement.

"ArcelorMittal (the company) announces that it has been granted merger clearance by the EC for AM Investco Italy Srl (AM Investco)'s proposed acquisition of Ilva S p A (Ilva)," it said.

EC's merger clearance follows the conclusion of the Commission's Phase II investigation into the proposed acquisition, it added.

In November last, European Union's anti-trust authorities had opened an investigation into ArcelorMittal's bid to buy Ilva.

ArcelorMittal had earlier said Ilva would be an important strategic acquisition, offering a significant presence in a country where it has no primary steelmaking capacity.

L N Mittal-led ArcelorMittal has also bid for debt-laden Essar Steel, one of the 12 stressed assets identified by RBI, in an insolvency process.