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Finland: EU grants more time for steelmaker to sell major asset

By  |  May 13, 2013

According to sources, tainless steelmaker Outokumpu has been granted an additional two months by the European Commission to divest one of its largest plants, based in Italy, to earn approval for its takeover of ThyssenKrupp’s stainless steel business Inoxum. Despite the deadline extension, however, one source said all interested bidders have already come forward and a more favorable bid may not appear in the coming months. The plant, Accial Speciali Temi, was reportedly worth up to $1 billion about a year ago. A struggling economy has depleted the plant’s value by millions, however, and Outokumpu has said it expects to sell the plant for even less than the $726 million it is now estimated to be worth. The company has not confirmed that two months have been added to its deadline, but sources say it now has until the end of June. The original deadline was May 7.

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