“A newly established corporate vehicle,” a Newco, “directly or indirectly participated by the interested companies,” and the mandate to the president of Federacciai, Antonio Gozzi, to “carry out, in this preliminary phase, the necessary discussions aimed at verifying the existence of the essential conditions to allow the involved companies to concretely evaluate the possibility of promoting and supporting the industrial project.”
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These are the two key points of the letter that Federacciai and 14 associated steel companies sent to the advisor Project Sider, which operates on behalf of the companies Acciaierie d’Italia and Ilva, both under extraordinary administration. The letter advances a letter of intent for the former Ilva, which has “an exclusively preliminary and non-binding nature and does not represent an offer, nor does it entail, on the part of Federacciai, the interested companies, or the possible Newco, any commitment to proceed with the transaction.” Therefore, it is specified, the letter of intent only represents “the willingness to explore the possible realization of an industrial project concerning a complex of assets and business activities belonging to Ilva Spa under extraordinary administration, Acciaierie d’Italia Spa under extraordinary administration, and other companies belonging to their respective groups.
The initiative – the letter explains – arises from the desire to verify the concrete feasibility of a project which, due to its size, complexity, and strategic importance, requires the involvement of multiple industrial, economic, financial, and institutional factors and the presence of an overall framework suitable to ensure its sustainability in the medium to long term.”
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For Federacciai and the companies involved, only the positive verification of a series of “prerequisites – the letter reads – would allow the interested companies to evaluate the realization of the transaction” through the Newco. “In this possible phase – it is specified – the necessary industrial, technical, economic, financial, and legal due diligence must be carried out, including adequate due diligence activities, after which the scope, structure, conditions, and terms of the transaction, as well as the most appropriate methods to ensure a correct and sustainable allocation of related risks and responsibilities, taking into account the characteristics of the business complex and the results of the investigations carried out, can be fully defined.”
The Italian steelmakers would only make an offer for the cold area, that is, the part not affected by the judicial measure concerning the hot area. Finally, on the occasion of the presence in Taranto tomorrow, for the inauguration of the Mediterranean Games, of President Sergio Mattarella and Prime Minister Giorgia Meloni, both the business world and the trade unions have requested a meeting through Prefect Ernesto Liguori. A request was made by Fim, Fiom, Uilm, and Usb and separately by Ugl. A similar request was also made by Confindustria Taranto, Confapi Taranto, Confartigianato Taranto, Aigi, and Federmanager.
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