Former Ilva, negotiations with Flacks: still no allocation. Unions wrath
Michael Flacks, founder and chairman of Flacks Group, in a statement on the US group's Linkedin profile had spoken of an 'agreement reached with the Italian government for the acquisition' of the former Ilva
The exclusive negotiation with Flacks Group for the sale of the former Ilva between the extraordinary commissioners of Acciaierie d'Italia and Ilva started today, will go on in the coming days, and has not yet led to an assignment of the steel group to a new buyer. This is what we learn from sources close to the dossier, after Michael Flacks, founder and chairman of Flacks Group, in a statement published on the US group's Linkedin profile spoke of an "agreement reached with the Italian government for the acquisition" of the former Ilva. After the go-ahead was given by the supervisory committees of the two companies under extraordinary administration, which gave their favourable opinion to the offer of the US fund specialising in turnaround operations, the commissioners then started negotiations.
The US fund on its Linkedin profile also specified a number of details that will be the subject of the negotiations. "We are committing up to €5 billion to modernise operations, including electrification and furnace modernisation, promoting decarbonisation, efficiency and sustainable growth," adds the note, which explains that "the Italian government will remain a strategic partner with a 40% stake, while Flacks Group holds an option to acquire 40% in the future, demonstrating our focus on long-term industrial partnership."
'Our goal is to invest for the long term, to modernise responsibly and to secure a lasting future for this historic steel plant,' said Michael Flacks, founder and chairman of Flacks Group.
Scarpa (Fiom), "unacceptable to negotiate with hedge funds behind the backs of workers"
"We learn that the extraordinary commissioners of Acciaierie d'Italia and Ilva in extraordinary administration have decided to continue negotiations for the acquisition of the plants exclusively with the American investment fund Flacks Group. It is unacceptable for negotiations to take place with speculative funds behind the backs of the workers. Now more than ever it is necessary to set up a company with a public majority in order to guarantee industrial continuity for decarbonisation and employment'. Loris Scarpa, national steelworker coordinator for Fiom-Cgil, said in a statement.
