January 17, 2018 / 9:40 AM / in a year

ArcelorMittal-Votorantim tie-up will need more asset sales - report

FILE PHOTO: A logo is seen on the roof of the ArcelorMittal steelworks headquarters in Ostrava, Czech Republic, April 1, 2016. REUTERS/David W Cerny/File Photo

SAO PAULO (Reuters) - Brazil’s antitrust watchdog Cade will press steelmakers ArcelorMittal SA and Votorantim Siderurgia SA for more asset sales before approving their merger, newspaper Valor Economico reported on Wednesday, citing unidentified sources.

The paper did not specify which assets Cade was targeting, or which ones the companies have proposed to sell.

Cade and Votorantim did not immediately comment.

Arcelor, in a statement, said it was “confident that the deal would be approved by the antitrust authorities.” Votorantim said it was confident about the transaction’s merits. Both companies added they were supplying the information requested by Cade.

In September, a body of Cade recommended rejecting ArcelorMittal’s proposed acquisition of Votorantim Siderurgia, saying a tie-up between two of Brazil’s top-three long steelmakers would hurt competition.

Reporting by Tatiana Bautzer; Editing by Bernadette Baum and Andrew Hay

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