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ArcelorMittal rejected the Italian government’s plan to take a controlling stake in Acciaierie d’Italia (ADI), where the steelmaker currently owns 62%. Italy had pledged to acquire a majority stake in ADI, the country’s largest steelmaker, which has been struggling to keep the production going due to lack of sufficient funds. Italy planned to increase its stake to 66% from 38% currently via infusion of €320mn ($351mn) of fresh capital via state owned company, Invitalia Spa. ArcelorMittal rejected the plan citing unwillingness to undertake financial and investment commitments. Given the plant’s strategic national importance, Italy could put the company under special administration, which can override opposition of private investors leading to litigation clash with ArcelorMittal. Government officials are to meet the worker trade unions on Thursday.
ArcelorMittal bonds traded stable with its 4.25% 2029s at 96.9 cents on the dollar, yielding 4.9%
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