Newco for the former Ilva: the trade unions’ appeal to Mattarella and Meloni
‘A newly established corporate vehicle’, a Newco, ‘in which the companies concerned hold a direct or indirect stake’, and the mandate given to the president of Federacciai, Antonio Gozzi, to “conduct, at this preliminary stage, the necessary discussions aimed at verifying whether the essential conditions are in place to enable the companies involved to make a concrete assessment of the possibility of promoting and supporting the industrial project”.
These are the two key points of the letter that Federacciai and 14 member steel companies sent to the adviser Project Sider, which acts on behalf of Acciaierie d’Italia and Ilva, both of which are under special administration. The letter sets out an expression of interest in the former Ilva, which is “exclusively preliminary and non-binding in nature and does not constitute an offer, nor does it entail, on the part of Federacciai, the interested companies or any potential Newco, any commitment to proceed with the transaction”. It is therefore clarified that the expression of interest represents only ‘a willingness to explore the possible implementation of an industrial project concerning a complex of assets and business activities belonging to Ilva Spa under special administration, Acciaierie d’Italia Spa under special administration and other companies belonging to their respective groups’.
The initiative – as explained in the letter – stems from a desire to assess the practical feasibility of a project which, given its scale, complexity and strategic importance, requires the convergence of a range of industrial, economic, financial and institutional factors, as well as the existence of an overarching framework capable of ensuring its sustainability in the medium to long term’.
According to Federacciai and the companies involved, only the successful verification of a series of ‘prerequisites’ – as stated in the letter – ‘would enable the companies concerned to assess the feasibility of the transaction’ through the Newco. ‘At this potential stage,’ it is specified, ‘the necessary industrial, technical, economic, financial and legal analyses must be carried out, including an appropriate due diligence process, the outcome of which will enable the scope, structure, conditions and terms of the transaction, as well as the most appropriate methods for ensuring a fair and sustainable allocation of the associated risks and liabilities, taking into account the characteristics of the business unit and the findings of the investigations carried out”.
The Italian steelmakers are reportedly set to make an offer only for the cold-rolling division, that is, the part not affected by the court order concerning the hot-rolling division. Finally, ahead of President Sergio Mattarella and Prime Minister Giorgia Meloni’s visit to Taranto tomorrow for the opening of the Mediterranean Games, both the business community and the trade unions have requested a meeting through Prefect Ernesto Liguori. A request has been made by Fim, Fiom, Uilm and Usb, as well as by the Ugl. A similar request has also been made by Confindustria Taranto, Confapi Taranto, Confartigianato Taranto, Aigi and Federmanager.
