Baku Steel, Jindal frontrunners to buy Italy's Ilva
Baku Steel Company and Jindal Steel International have raised their bids for Acciaierie d'Italia (ADI), formerly known as Ilva, the Italian government said on Saturday, making them the frontrunners in the bidding for the plant, News.Az reports citing Investing.
ADI, based in the southern Italian city of Taranto, has been under state administration after struggling to maintain production amid rising energy costs and weak demand.
The fate of ADI is a concern for Italian Prime Minister Giorgia Meloni, as its closure would have a serious impact on the country's manufacturing sector.
Ilva's extraordinary commissioners said in a statement that they would evaluate the bids "in a few days" and send their opinion to the industry ministry.
They did not give financial details.
Italian newspaper Il Messaggero reported on Saturday that Baku Steel Company has raised its offer to around 1 billion euros ($1.05 billion), more than Jindal's.
The government hopes to conclude negotiations by March, Il Messaggero added.
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