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JSW consortium AcciaItalia raises bid for Ilva steel plant- The 18th China(Guangzhou ) Int’l tube & pipe Processing Equipment Exhibition
6/6/2017 steel tube expo-tube &pipe expo |
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Reuters reported that a consortium led by JSW Steel raised its bid for Italy''s troubled Ilva steel plant. JSW, leading a consortium called AcciaItalia, said it would put up EUR 1.85 billion euros, which is broadly in line with the winning bid, and added it would immediately hire 9,800 employees. It had originally offered about EUR 1.2 billion.
It said "The decision to make a counter offer is in the interest of Ilva, of its employees, of the supply chain, the territory of the factory and the national machine industry.”
AcciaItalia said that its newest bid excluded two of the previous members of its consortium, Arvedi and Cassa Depositi e Prestiti, and was made exclusively by JSW and Delfin.
The Industry Ministry said on Friday that it could not accept a counter offer, according to procedure, if the only thing changed was the purchase price. The government has been vetting the winning bid and is supposed to decide by Monday whether to officially endorse it.
The bid that last month won the tender offer was made by a consortium called Ama Investco Italy that is led by ArcelorMittal, the world''s biggest steelmaker. It foresees some 4,800 job cuts, though the workers would receive state unemployment support until 2023.
- The 18th China(Guangzhou ) Int’l tube
& pipe Processing Equipment Exhibition
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