Reuters reported that investment fund Apollo has submitted a bid to regain the French steelmaker Ascometal.
As per report, Apollo would have made an offer last month to EUR 300 million and also proposed to return EUR 100 million of debt from the French manufacturer of specialty steel long products, currently held by Luchini, an Italian conglomerate controlled by Russian Severstal.
The proposed transfer of Ascometal, which could be finalized by the fall, is one component of the restructuring of Lucchini, 51% owned by Russian oligarch Alexei Mordashov and 49% by Severstal.
Former subsidiary of Usinor, Ascometal produces about 1 million tonnes per year, from four sites (Fos-sur-Mer, Le Cheylas, The Dunes near Dunkirk and Hagondange).
Delivering the automotive, oil and energy, the company reported 2009 sales of EUR 724 million.
Source: Reuters.com
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