The European Commission has cleared under its EU Merger Regulation the proposed acquisition of joint control of Uttam Galva Steels Ltd. of India by ArcelorMittal S.A. and the Miglani Family of India. After examining the operation, the EC concluded that the transaction would not significantly impede effective competition in the European Economic Area or any substantial part of it.
Uttam Galva Steels is a re-roller of flat steel products and a producer of coated steel in India with exports to a number of countries worldwide, including the EEA.
Under the proposed transaction, the Miglani family, the principal owners of Uttam Galva Steels, would sell part of its controlling stake to ArcelorMittal which in turn has also launched a public offer to acquire additional shares.
The EC found that the proposed concentration would not give rise to any competition concerns given Uttam Galva Steel's limited export of small amounts of steel to the EEA.