Former Ilva, Jindal makes binding proposal to take over entire asset
The Flacs group asked for substantial additions to the submitted proposal
After the expression of interest comes the binding proposal to take over the entire assets of the former Ilva presented to the commissioners of Ilva and Acciaierie d'Italia by the Indian group Jindal. The proposal for the acquisition of the steel group would be comparable to that of the American fund Flacs and could change the current confrontation for the sale of the Italian company. The deadline for submitting offers expires on Monday.
Flacks Group's incomplete offer
As reported in recent days by Il Sole 24 Ore, Flacks had been granted a new window of opportunity to complete its financial documentation, initially deemed incomplete. The deadline was yesterday, Friday 20 March; by that date, the American fund should have demonstrated its economic solidity and the presence of adequate bank support. By the deadline, no substantial elements would have arrived. In particular, no letters of credit or bank statements would be submitted, nor would there be any indication of the financial institutions involved or the resources actually available.
The commissioners would have only received a communication in which the company would have motivated the failure to send the documentation with the lack of time, contextually asking for a new meeting in the following days. Therefore, as things stand and net of developments in the coming hours, the Indian group Jindal would be in pole position for the former Ilva.
