ArcelorMittal: Am Investco Consortium Sent Termination Notice for Ilva Deal

Date : 11/04/2019 @ 1:29PM
Source : Dow Jones News
Stock : ArcelorMittal (MT)
Quote : 8.661  0.686 (8.60%) @ 2:01AM
ArcelorMittal share price Chart

ArcelorMittal: Am Investco Consortium Sent Termination Notice for Ilva Deal

ArcelorMittal (EU:MT)
Historical Stock Chart

6 Months : From Sep 2019 to Mar 2020

Click Here for more ArcelorMittal Charts.
   By Pietro Lombardi 
 

ArcelorMittal (MT.AE) said Monday that the Am Investco Italy consortium has sent a termination notice for its Ilva deal to Ilva's commissioners.

Under the terms of the Ilva deal, closed in October last year, Am Investco Italy had the right to withdraw from the agreement if "a new law affects the environmental plan for the Taranto plant so as to materially impair the ability to operate it or to implement its industrial plan," the company said.

"The Italian Parliament has removed the legal protection necessary for the company to implement its environmental plan without the risk of criminal liability, thus justifying the withdrawal notice," it adds.

The company also said that a decision issued by a court in Taranto would affect its ability to implement the industrial plan.

The company asked the commissioners to take over responsibility for operations and employees in a month.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

November 04, 2019 08:14 ET (13:14 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
$
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:us D:20200401 02:52:05