Former Ilva, ArcelorMittal in favor of 66% in the hands of Invitalia but wants half governance

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«ArcelorMittal is in favor of Invitalia paying a further 320 million euros of fresh capital to support ADI’s operations, with its consequent dilution of 34%». We learn this from sources close to ArcelorMittal after the breakup that occurred yesterday. The steel giant would also be “in favor of the acquisition of the plants from Ilva in AS, which was originally scheduled for May 2022 and later postponed to May 2024”.

Control must remain shared

However, ArcelorMittal sets the condition that control over governance remains shared at 50%. This, according to what we learn from sources close to ArcelorMittal, is the position of the French-Indian multinational following the break with the Government on the future of the former Ilva group. “ArcelorMittal is in favor of Invitalia paying a further 320 million euros of fresh capital to support Adi’s operations, with its consequent 34% dilution”, explain the same sources, noting however that Invitalia’s “funding proposal and 34% dilution of ArcelorMittal also provides for the termination of the 50% shared control between the two shareholders”.

It is – it is underlined – a «shared control from which Invitalia currently benefits, holding a very similar share, equal to 38%. The cessation of shared control goes in the opposite direction to all the discussions that have taken place.” Mittal on the other hand, the same sources continue, “would have expected to be able to continue to exercise the role of industrial partner of Invitalia, with the same 50% control status even with reversed share weights”.



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