Turkish steel producer Erdemir said
Thursday it is taking a step back in its bid on Italy's troubled
ILVA steelworks.
Managing Director Ali Pandir told BloombergHT "there's not
enough solid information" to make a bid at the moment, Siderweb
steel industry site reported.
Erdemir is still interested, but will wait until an expert
assessment of ILVA's environmental cleanup plan comes out in
November, the executive said.
Arvedi Group President Giovanni Arvedi told the Senate
industry committee Wednesday his company plans to move ahead on
a bid to take over the ILVA steelworks even if its partner in
the deal Erdemir backs out.
Arvedi told the Senate committee that Erdemir signed a
governance agreement and a memorandum with the Arvedi Group that
were supposed to be ratified by the company's board of directors
by last September.
Erdemir, which was also scheduled to appear before the
Senate committee, didn't show up.
Arvedi said Erdemir told him on Tuesday evening that it
planned to convene an emergency board meeting to ratify the
agreement as soon as possible.
Extraordinary commissioners are managing ILVA as the
troubled firm goes through a massive environmental cleanup and
financial turnaround project.
Last month, the commissioners extended from May 30 to June
23 the deadline for bids to be presented to buy the steelmaker.
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