Bredin Prat advises Acciaierie Venete as it enters into exclusive negotiations with Ascometal France for the acquisition of three production sites and an R&D centre

Bredin Prat is advising Acciaierie Venete, a leading Italian steel producer, as it enters into exclusive negotiations to acquire, from Ascometal France Holding, a subsidiary of Swiss Steel Group, a leading producer of long engineering steel products, three production sites in France, at Hagondange and Custines (both in the north-east of France) and at Marais (in eastern-central France), as well as Ascometal’s CREAS Research & Development Centre (also in the north-east of France).

The targeted external growth transactions carried out by the Acciaierie Venete Group in recent years have enabled it to become a major player in the European steel market. The transaction currently contemplated with Ascometal France would enable Acciaierie Venete to consolidate this position and increase its annual production capacity (currently 2 million tons).

The Acciaierie Venete Group would bring numerous industrial synergies to the acquired perimeter, notably in purchasing, and offer an ambitious investment plan for the plants concerned.

Acciaierie Venete will present its project to the relevant Ascometal employee representative bodies as part of the required information-consultation process.

The parties involved in the project will also have to work towards satisfying the conditions precedent, including obtaining clearance from the relevant regulatory authorities, necessary for completion of the transaction, which could take place in spring 2024.

The Bredin Prat team advising the Acciaierie Venete Group included:

• Restructuring: Nicolas Laurent (partner) and Benoît Delort
• Corporate: Alexander Blackburn (partner), Ferdinand Barbé and Julia Heinrich
• Competition: Arthur Helfer (partner) and Inès Kovacevic
• Tax: Pierre-Henri Durand (partner) and Benjamin Lambert
• Employment law: Laetitia Tombarello (partner) and Caroline Combes
• IP / IT: Juliette Crouzet (counsel), Timothée Guichoux and Sarah Gicquel