News

Ovako and French consortium win bid for Ascometal.

Issued at 2014-05-22



The French consortium headed by Franck Supplisson and backed, among others, by special steelmaker Ovako, has been selected by the local French tribunal as the winner in the bidding process for Ascometal. As previously reported the offer presented by Supplisson included an investment of some €135 million in Ascometal during the first four years and the acquisition of all the plants of the company in order to maintain and develop further the current production.

Ovako is set to hold a minority share in this new venture. “We are happy that our bid has been successful and that we have had a shared view about how Ascometal should be developed going forward,” said Tom Erixon, CEO and president of Ovako.

During the last days the two front runners seemed to be Supplisson and the offer coming from Brazilian steel giant Gerdau. Nevertheless unions and local politicians in France publicly supported the offer by Franck Supplisson seen as the most reliable for the further development of all the assets of the company and the conservation of most of the works at the company.


Source: Platts



Related News