ArcelorMittal Makes Serious Bid for Kremikovtzi - Report

Business | May 26, 2008, Monday // 00:00| Views: | Comments: 0
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Bulgaria: ArcelorMittal Makes Serious Bid for Kremikovtzi - Report ArcelorMittal of the Indian billionaire Lakshmi Mittal (pictured) has placed a high bid for Kremikovtzi. Photo by BGNES

The offer of ArcelorMittal for acquisition of 71 percent of Bulgaria's largest steel mill Kremikovtzi is much higher than that of Vorskla Steel of the Ukrainian tycoon Konstantin Zhevago, a representative of one of the bond holders said.

According to Angelo Moskov, representative of QTV Fund, which is one of the companies that provided a EUR 325M loan to Kremikovtzi, the offer of ArcelorMittal shows much more serous intentions than that of Zhevago.

Moskov did not discuss concrete sums but said the delays of the deal for the plant are due to legal complexities.

Bulgaria's Minister of Economy Petar Dimitrov has announced that both competing companies had insisted that the deal took place after the plant was declared in a state of bankruptcy.

In his words, none of the candidates for the purchase of Kremikovtzi is willing to assume its debts and that was why they want it to be declared bankrupt.
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