Italy's Riva Group Moves to Block Sale of its Former Steel Facilities
02/08/2016 - The company that owned Europe’s largest steel works is trying to stop a government sale of the facility and others, according to Italian news agency ANSA.
ANSA reported that the family-owned Riva Group is suing the Italian government, seeking to overturn a decree that put the family’s steelmaking assets up for sale. Those assets, held under the ILVA group, include its Taranto steel works.
The business has been under special administration since 2013, following the government seizure of Riva family assets as part of environmental probe related to Taranto.
Riva argues in the lawsuit that, under its supervision, the plant operated within emissions limits established by the government in 2011. It also argues that the business was mismanaged while under special administration, losing 2.4 billion euros and ultimately pushed into insolvency.
In January, the government launched a tender for the business, with offers due 10 February. The government is looking to complete a sale by 30 June.
The business has been under special administration since 2013, following the government seizure of Riva family assets as part of environmental probe related to Taranto.
Riva argues in the lawsuit that, under its supervision, the plant operated within emissions limits established by the government in 2011. It also argues that the business was mismanaged while under special administration, losing 2.4 billion euros and ultimately pushed into insolvency.
In January, the government launched a tender for the business, with offers due 10 February. The government is looking to complete a sale by 30 June.
