September 14, 2005
Lucchini sells its Warsaw, Poland steel business to Arcelor in a deal valued at $210 million.
Attorneys in the firm’s Milan office recently advised the Italian metallurgical group Lucchini (now part of the Russian group OAO Severstal) on the sale of its Warsaw, Poland steel business to Arcelor in a deal valued at $210 million. The closing took place in Warsaw on August 31 after the transaction was cleared by antitrust authorities in France, Poland and Germany.
The transaction involved the sale to Arcelor of two companies used by Lucchini for the marketing of scrap in Poland, and an exclusive distributorship agreement for Lucchini’s marketing of Arcelor-manufactured polish steel products in certain central European countries. The firm also advised on a complex agreement for the division among Lucchini and Arcelor of the land where the Warsaw factory is located.
The Warsaw factory sold to Arcelor was formerly owned by the Polish Government and acquired by Lucchini in 1992 as part of the Polish steel industry privatization program. The sale of the business in Poland represents a step further in the reorganization of the Lucchini Group after Severstal moved in as majority shareholder last April. Lucchini will now focus on further developing its activities in the special steel long market where it is already a leader in Europe.
The Milan team on the deal was led by partner Maurizio Delfino and associate Massimo Chiais. Associates Antonio Pisoni, Luca Taverna and Serena Ciampi also worked on the transaction.
