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Invitalia, the national investment attraction and business development agency, will acquire control of the ArcelorMittal branch that manages the plants of the former ILVA steelworks in Taranto. The announcement of the signing of the agreement between the body fully controlled by the Ministry of Economy and the multinational was given on Thursday night by the Minister of Economic Development Stefano Patuanelli and the Minister of Economy Roberto Gualtieri. The State will thus return to manage the old ILVA after leaving it in 1995 with the sale to the private group Riva.
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ArcelorMittal explained that “the Investment Agreement will entail the recapitalization of AM InvestCo, the ArcelorMittal subsidiary that has signed the lease agreement with the obligation to acquire ILVA’s business units. Invitalia will invest in AM InvestCo in two tranches ”. The first investment of 400 million euros “will be made before January 31, 2021 (subject to the antitrust authorization of the European Union) and will give” Invitalia joint control over AM InvestCo “.
With a second investment of up to 680 million euros and scheduled for May 2022, Invitalia’s stake in AM InvestCo will reach 60 percent. In addition, ArcelorMittal will invest up to 70 million euros “to the extent necessary to maintain a 40 percent stake and joint control of the company.”
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