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The Ex Ilva until the end of the commissioner through the extraordinary administration, a traumatic solution that has occurred several times in recent months but that Invitalia had tried to avoid with the state behind it. But given the unavailability of Arcelor to find a viable and amicable way forward Government He decided to proceed directly with the procedure.
Yesterday evening the CDM stood after a preliminary meeting Giorgia Meloniin the presence of the Undersecretary Alfredo Mantovano and the relevant ministers (Giancarlo Giorgetti, Adolfo Urso, Raffaele Fitto, Elvira Calderone) and the CEO of the Development Agency Bernardo Mattarella, approved the draft ad hoc legislative decree that strengthens some measures already present in the legal system to protect the production and employment continuity of companies in crisis, including the former Ilva: it provides specific guarantees for extraordinary dismissals during the extraordinary administration. The previous CIG expired on December 31, 2023. The employees involved in the safety and maintenance of the facilities are excluded from the new severance fund and therefore remain responsible for the active facilities in order to maintain their operation. That’s 1,500 employees in Taranto. The Council of Ministers’ determination further provides that the provisions already contained in the legal system for the protection of small and medium-sized creditor companies remain unchanged: these are the affiliated companies that become privileged creditors. This draft must now pass the legislature Palazzo Chigi.
After Aditya Mittal refused to continue the joint venture on Monday 8th at Palazzo Chigi, the government has noted the impossibility of defining an amicable divorce, which was approved by the lawyers of the shareholders of Acciaierie d’ Italia (Invitalia 38% and ArcelorMittal 62%). even though the deadline was set for today.
Former Ilva, gas deliveries for the blast furnaces will not be interrupted for the time being (Arera had ordered the stop)
The government intervened to resolve the disagreement between the partners over the modalities of an amicable divorce. Lawyers Chiomenti for Invitalia and Cleary Gottlieb for Mittal spent a week trying to find a solution to Arcelor’s withdrawal. The final point of divergence to keep the former Ilva afloat and ensure its restart was the $1 billion capital increase to purchase the assets by May. This increase should have followed the conversion into capital financing Invitalia shareholders by 680 million and an increase of 320 million to finance urgent payments. In order to prevent the increase from being state aid solely at the agency’s expense, an attempt was made to involve Mittal in the maneuver, even if the effort was lower and the share he would have retained in AdI might have been at one It would have been time to buy it later. Instead, the Indians shut down across the board, only to announce their own version betraying the truth last night, shortly before the Council of Ministers approved the draft decree.
NEXT MOVES
“Since the government has expressed its desire for ArcelorMittal to exit Acciaierie d’Italia, ArcelorMittal has also made a proposal to sell its remaining shares directly to Invitalia or to another investor approved by the government. “However, Invitalia is not willing to acquire the stake,” sources close to Mittal said, explaining that they would “continue to look for a constructive solution” even if “Invitalia maintains its positions on the proposals made in the negotiations.” from ArcelorMittal”.
The French-Indian company is ahead and, with arguments that the broadcaster rejected, has long since shirked its responsibility as majority shareholder by no longer wanting to raise money for the relaunch. It was said: ArcelorMittal’s goal “is “to find a negotiated solution as an alternative to extraordinary administration”, a solution considered “detrimental both to Acciaierie d’Italia’s business and to all its stakeholders”. Mittal is likely to file a lawsuit seeking damages.
However, despite the completion of the draft decree, it is not certain that negotiations between Invitalia and Arcelor will not resume today: while waiting for the draft provision, the parties could continue negotiations. And until the commissioner is appointed, a solution will be sought. In short, the soap opera continues. Tomorrow at 3 p.m. the government will meet with the unions to continue the discussion on the future of steel in Italy.
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on Il Messaggero
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