May 7, 2018 / 10:08 AM / 2 years ago

EU regulators approve ArcelorMittal to buy Italian peer Ilva

FILE PHOTO: A view of ILVA steel plant in Taranto, Italy August 3, 2012. REUTERS/Yara Nardi/File Photo FOR EDITORIAL USE ONLY. NO RESALES. NO ARCHIVES - RC17367954B0

BRUSSELS (Reuters) - EU antitrust regulators approved on Monday ArcelorMittal’s (MT.AS) bid for Italian group Ilva after the world’s largest steelmaker pledged to sell a string of businesses across Europe to address competition concerns.

ArcelorMittal will divest production facilities assets in Belgium, the Czech Republic, Luxembourg, Italy, Romania and Macedonia. It will also sell some distribution activities in France and Italy.

The European Commission said the steel plants would be sold to buyers who would continue to operate them, allowing them to compete with ArcelorMittal.

Reuters reported on April 20 that the deal would secure conditional EU antitrust approval.

Reporting by Foo Yun Chee and Robert-Jan Bartunek

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