ArcelorMittal completes investment agreement with Invitalia
14 Abril 2021 - 09:15AM
14 April, 2021, 16:15 CET
ArcelorMittal Italia to be renamed Acciaierie
d’Italia
ArcelorMittal announces that it has today completed an
investment agreement (the ‘Investment Agreement’) with Invitalia,
an Italian state-owned company, forming a public-private
partnership between the parties.
Invitalia has injected €400 million new equity into AM InvestCo
Italy, ArcelorMittal’s subsidiary which signed the lease and
purchase agreement for the Ilva business, providing Invitalia with
a 38% shareholding and equal voting rights with joint control over
the company. Going forward the joint company AM InvestCo Italy is
being re-named Acciaierie d’Italia Holding, and its main operating
subsidiary ArcelorMittal Italia will be renamed Acciaierie
d’Italia.
The Investment Agreement stipulates a second equity injection by
Invitalia, of up to €680 million, to fund the completion of the
purchase of Ilva’s business by Acciaierie d’Italia, which is
expected by May 2022 subject to certain conditions precedent*. At
this point, Invitalia’s shareholding in Acciaierie d’Italia would
increase to 60%, with ArcelorMittal to invest up to €70 million to
retain a 40% shareholding and joint control over the company.
Going forward, Acciaierie d’Italia Holding will operate
independently, and as such will have its own funding plans without
reliance on ArcelorMittal. As a result, ArcelorMittal will
deconsolidate the assets and liabilities (including the remaining
lease and purchase liability) of Acciaierie d’Italia Holding
(formerly AM InvestCo Italy) from its consolidated statement of
financial position and will account its interest in the company
under the equity method.
*The conditions precedent include: the amendment of the
existing environmental plan to account for changes in the new
industrial plan; the lifting of all criminal seizures on the
Taranto plant; and the absence of restrictive measures – in the
context of criminal proceedings where Ilva is a defendant – being
imposed against Acciaierie d’Italia Holding or its subsidiaries. In
case conditions precedent are not met, then the Acciaierie d’Italia
Holding would not be required to complete the purchase of Ilva’s
assets and its capital invested would be returned.
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