IP/09/1857
Brussels, 1 st December 2009
Mergers: Commission clears proposed acquisition of Uttam Galva Steels by ArcelorMittal and the Miglani Family
The European Commission has cleared under the EU Merger Regulation the proposed acquisition of joint control of Uttam Galva Steels Limited of India by ArcelorMittal S.A. of Luxemburg and the Miglani Family of India. After examining the operation, the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.
ArcelorMittal’s principal business is the production, distribution, marketing and sale of steel products. The Miglani Family currently controls Uttam Galva Steels Limited listed on various Indian stock exchanges. Uttam Galva Steels is a re-roller of flat steel products and a producer of coated steel in India with exports to a number of countries worldwide, including the EEA.
Under the proposed transaction, the Miglani Family would sell part of its controlling stake to ArcelorMittal which in turn has also launched a public offer to acquire additional shares.
Besides Uttam Galva Steels, the Miglani Family does not have any business activities in the same markets as ArcelorMittal or in related markets.
The Commission found that the proposed concentration would not give rise to any competition concerns given Uttam Galva Steel's limited export of small amounts of steel to the EEA.
Further information on the case will be available at:
http://ec.europa.eu/competition/mergers/cases/index/m112.html#m_5643
