Evraz confirms majority holding in Palini e Bertoli
Evraz’s chairman and CEO Alexander Abramov said: "The acquisition … is in line with our strategy of capturing additional margin through focused acquisitions of high-quality re-rolling facilities worldwide.
"This transaction, along with a recent winning bid for Vitkovice Steel [in the Czech Republic], establishes us as a player in the high value-added European steel plate market."
He added Evraz was pleased Palini’s management team, headed by СEO Giampiero Gori, will join the group.
Evraz, which describes Palini as a producer of customised, high-quality plate, says the acquisition will allow it to penetrate new geographic markets and secure a captive customer base for its slabs outside Russia.
The purchase, which was reported in the Italian press last week, was financed by a combination of debt and equity.
Palini e Bertoli’s remaining shares, to be held by some of its former owners including senior management, are subject to a call option, pre-emptive rights and lock-up arrangements in favour of Evraz and a put option in favour of the current shareholders.
"This transaction, along with a recent winning bid for Vitkovice Steel [in the Czech Republic], establishes us as a player in the high value-added European steel plate market."
He added Evraz was pleased Palini’s management team, headed by СEO Giampiero Gori, will join the group.
Evraz, which describes Palini as a producer of customised, high-quality plate, says the acquisition will allow it to penetrate new geographic markets and secure a captive customer base for its slabs outside Russia.
The purchase, which was reported in the Italian press last week, was financed by a combination of debt and equity.
Palini e Bertoli’s remaining shares, to be held by some of its former owners including senior management, are subject to a call option, pre-emptive rights and lock-up arrangements in favour of Evraz and a put option in favour of the current shareholders.