February 11, 2005
Willkie client Russian steel producer OAO Severstal agrees to purchase 62% stake in Italian steelmaker Lucchini SpA.
On February 10, it was announced that Willkie client Russian steel producer OAO Severstal has agreed to purchase a 62% stake in Italian steelmaker Lucchini SpA for €430 million ($550 million). Severstal is investing a total of €450 million, which would leave the founding Lucchini family with a 29% stake. The remainder is owned by other shareholders. The deal is expected to be completed in 60 days, subject to European Union antitrust approval. The transaction received widespread coverage in the international press including The Wall Street Journal and Il Sole 24 Ore. Italy partner Maurizio Delfino is noted for leading the Willkie team representing Severstal. The transaction is expected to lift Severstal into the world’s top 10 steel producers by revenue.
