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ArcelorMittal announces that it has signed a binding agreement (the 'Investment Agreement') with Invitalia, an Italian state-owned company, forming a public-private partnership between the parties. The Investment Agreement will result in a recapitalization of AM InvestCo, ArcelorMittal’s subsidiary which signed the lease and obligation to purchase agreement for Ilva’s business. Invitalia will invest in AM InvestCo in two tranches.
The first investment of €400 million will be made by 31 January 2021 (subject to EU antitrust authorization), providing Invitalia with joint control over AM InvestCo. The second tranche of up to €680 million is payable on closing of AM InvestCo’s purchase of Ilva’s business, which is subject to the satisfaction of various conditions...
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