Market Chatter: ArcelorMittal Drops CLN Joint Venture Takeover After Italian Government Restrictions

MT Newswires Live

09/01

ArcelorMittal (MT) dropped its planned takeover of the 51% stake it does not own in its joint venture with struggling auto-parts maker CLN-Coils Lamiere Nastri after Italy imposed conditions on the deal, Bloomberg reported Tuesday.

The report said the Italian government used its so-called "golden power" rules to require approval for workforce and structural changes and to maintain existing operations for five years.

ArcelorMittal did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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