Arcelor Mittal wins EU approval to buy Estonian company
Arcelor Mittal, the world’s largest steelmaker, won approval on Monday from the European Union to buy Galvex OU, the Estonian privately-owned steel galvanizing company based in Tallinn.
“The proposed transaction would not impede effective competition,” the European Commission said in a statement. Arcelor Mittal, based in Luxembourg, is the leader in all major global markets, including automotive, construction, household appliances and packaging, with leading research capability and technology. Galvex OU specializes in the manufacture and sale of galvanized steel products used in applications where corrosion resistance is required.
The proposed merger would create an overlap in the market for galvanized strips and coils, where both Arcelor Mittal and Galvex OU are active. However, the Commission’s investigation found that the operation would not give rise to competition concerns in the market. Arcelor Mittal announced the acquisition of a 100% stake in Galvex OU last November, a deal estimated to be worth €165 million ($252 million). (people.com.cn)
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