Industry

Former Ilva: deadline for bids expires; Flacks pulls out

In recent days, the US fund had made it clear that it was still in the running for the former Ilva, whilst stating that it was awaiting an invitation from the government to discuss its proposal. A meeting which, as yet, has not taken place

Foto IPP/Marco Verri Taranto 26/01/2024 L’impianto dell’acciaieria Ex Ilva di Taranto, adesso Acciaierie d’Italia costituita da ArcelorMittal e Invitalia nella foto una veduta dall’alto della copertura dei parchi minerari dell’acciaieria con il vapore acqueo che fuoriesce dalle torri di raffreddamento dagli impianti, dal quartiere Tamburi di Taranto Italy Photo Press - World Copyright L’ex Ilva di Taranto si deve fermare: la Cassazione respinge il ricorso dell’azienda 16878

3' min read

Translated by AI
Versione italiana

3' min read

Translated by AI
Versione italiana

The race for the former Ilva site has lost a key player in the form of Flacks Group. With just a few hours remaining before the deadline for submitting binding bids, the US fund has pulled out, stating that it is “only able to update its bid after meeting Prime Minister Giorgia Meloni”.

In recent days, the US fund had made it clear that it was still in the running for the former Ilva, whilst stating that it was awaiting an invitation from the government to discuss its proposal. A meeting which, as yet, has not taken place.

Loading...

The deadline for submitting bids is today, at midnight on Sunday 8 November, and there are still a number of uncertainties surrounding the former Ilva site.

On the one hand, there is the proposal from Jindal, which had already been updated in August to take account of the closure of the hot end, on the other hand, there is the role of the Italian consortium led by Federacciai, which, however, appears to be increasingly unlikely to turn its expression of interest into a formal proposal, although it cannot be ruled out that some companies might act independently.

The tender process was launched in July 2024 after Adolfo Urso, Minister for Enterprise and Made in Italia, had ordered the placement of Acciaierie d’Italia Spa under special administration.

After being extended several times and then extended again, the deadline has been moved from 15 October to today, 8 November, precisely to give organisations that have been granted access to the data room more time.

This time, however, the tender is taking place under very different conditions. The plants in the hot zone have been permanently shut down, having remained in pre-heating mode for a few days, following the ruling by the Court of Cassation. This shutdown marked the full implementation of the decision handed down by the Milan Court of Appeal.

But the future of the former Ilva is also taking shape in terms of employment. The company has, in fact, applied for an extraordinary redundancy scheme for up to 8,622 workers – up from the current 4,450 – which was the subject of the latest meeting with the trade unions at the Ministry of Labour. The talks have been adjourned until 10 November as no agreement was reached; according to Fim, Fiom and Uilm, an agreement remains a long way off in the absence of “a future in which work can resume”.

The way forward is green steel. This was reiterated by the President of Puglia, Antonio Decaro, as well as by Minister Urso, who did not, however, hide the fact that the Ilva issue continues to be a “difficult battle”. “The courts have decided to shut down the blast furnaces,” he noted, “and we must focus on the potential of green technologies, which, incidentally, are already in use at all other Italian steelworks.”

The government reaffirmed its commitment to employment prospects and decarbonisation during the latest round of talks at Palazzo Chigi, including through discussions with a number of state-owned companies and Rheinmetall. However, the trade unions’ request for a timetable will have to wait a little longer. This was explained by Alfredo Mantovano, Under-Secretary to the Prime Minister, who stated that this would not happen at least until “the factors of uncertainty have been resolved”.

Loading...

With just a few hours to go before the final hurdle – namely the sale following the Supreme Court’s ruling – is cleared, the next steps will be discussed at a subsequent meeting at Palazzo Chigi, scheduled for mid-November.

Copyright reserved ©
Loading...

Brand connect

Loading...

Newsletter

Notizie e approfondimenti sugli avvenimenti politici, economici e finanziari.

Iscriviti