19 bids for ILVA admitted (2)

To due diligence phase

(ANSA) - Rome, February 15 - Nineteen bids for troubled steelmaker ILVA were admitted to the due diligence phase Monday.
    Ten bids were rejected.
    There had been, in fact, 29 expressions of interest in purchasing ILVA assets and affiliates.
    They included offers from Luxembourg-based steelmaker ArcelorMittal, Cremona-based steel manufacturer Arvedi Group, Milan-based steelmaker EUSIDER, and family-owned Marcegaglia Group steel processor.
    Extraordinary commissioners managing ILVA as the firm undergoes a massive environmental cleanup and financial turnaround project assessed the offers.
    State-controlled investment bank Cassa Depositi e Prestiti (CDP) filed an expression of interest last Tuesday.
    A court this year declared ILVA insolvent, with debt totalling nearly three billion euros.
   

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