June 28, 2016 / 4:51 PM / 4 years ago

Italy state lender to back Arvedi, Del Vecchio bid for Ilva steel plant - source

ROME, June 28 (Reuters) - Italian state lender Cassa Depositi e Prestiti will join Italian steelmaker Arvedi and businessman Leonardo Del Vecchio in bidding for the troubled Ilva steel plant, a person familiar with the matter said on Tuesday.

Italy’s government has been trying to find a bidder for the loss-making plant, Europe’s largest by output capacity, since taking it over last year to try to save jobs and clean up its polluting factories.

The person familiar with the matter said CDP had decided to back Arvedi and Del Vecchio’s bid in line with its role in promoting Italian interests.

The consortium is likely to bid between 500 million euros and 1 billion euros for Ilva, a second source said.

ArcelorMittal has said it would make its own bid for the plant, and asked CDP for backing. (Reporting by Massimiliano Di Giorgio, writing by Isla Binnie)

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