Ex Ilva, Cdp intervention hypothesis or split between Mittal and commissioners

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Perhaps there could be news, even important ones, about the future of theex Ilva of Taranto, the largest steel production center in Europe.

According to reports from the Corriere della Sera, the datarooms, where the most sensitive data of the company, of the former Ilva by Intralinks, are deposited, the company that is in charge of guarding it. An action of no small importance since the opening of a dataroom is possible only when there is a new offer to purchase or rent the facilities, even if not binding. However, those who may have expressed interest are still a mystery, especially after the Indian group Jindal called out of the story yesterday.

Now we are studying if we can really form a new consortium, perhaps in cooperation between a foreign investor and Italian subjects. Another news that could point to developments is the cancellation of a roadshow in the US by Fabrizio Palermo, managing director of Cassa depositi e prestiti.

Cdp has not, at least officially, scheduled any Ilva operation. But nothing can be excluded. In some government circles, especially within the 5 Star Movement, a possible intervention would not be unwelcome. Moreover, many are interpreting the words of the premier Giuseppe Conte which on Thursday said the government is exploring"All possible options".

The Corriere della Sera emphasizes that a possible involvement of the Cdp would come up against various obstacles that are difficult to overcome. First of all, the SpA controlled by the Ministry of Economy and Finance does not participate in nationalizations of companies and cannot invest in companies at a loss.

Moreover, CDP should present itself as a group at least with a private investor. In an informal way, the government is trying to contact large groups in the Italian steel world to explore the possibility of involvement at least on an industrial level. If such an operation took place, the Cassa would detect from the extraordinary administration of the commissioners only some of its assets, such as the installations.

There would also be a strictly political obstacle. The two Cdp shareholders are the Ministry of Economy at 82.7% and the foundations at 15.9%: both are not in agreement on the intervention in the former Ilva. In favor, instead, they would have been part of the government and of the red and yellow majority.

The CEO of Intesa Sanpaolo also intervened on the intricate and delicate affair yesterday Carlo Messina who pointed out that the government has a role to play: "Option number one remains an agreement with Mittal but if we are not able to reach it, then we must move to plan B, also considering nationalization so as not to lose a strategic asset".

Furthermore, there could also be a further plan, that of the split: a part of the former Ilva remains to the Mittals, while the other returns in the hands of the commissioners. But it is a hypothesis for the moment that would seem even more difficult.



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