10/04/2005

Poland gives green light to Donbas takeover of Huta Czestochowa

Poland's competition authority has given the green light to Ukrainian group Donbas to take over Poland's second largest steel producer Huta Czestochowa, once a suspected takeover target of Mittal Steel.

Donbas signed a deal with the Polish Treasury in July to buy the steel company, which produces up to 700,000 tonnes of steel per year, mainly for the shipbuilding industry, and 12 subsidiaries for 320 mln eur.

The Ukrainian company promised to invest 440 mln pln in Huta Czestochowa and to obey an EU demand to reimburse a government grant to the steel company of 4 mln eur.

(Source: Forbes.com/AFX/AFP)

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