MOSCOW. April 12 (Interfax-AVN) - The European Commission Tuesday cleared the Severstal Group to buy 62% of Italian metals company Lucchini, the EC said in a statement.
Lucchini agreed to sell the 62% to Severstal for 450 million euros in a deal signed on February 9.
Severstal said at the time that the transaction would 450 million euro capital increase, to which Severstal and Lucchini's existing shareholders would subscribe for 430 million euros and 20 million euros, respectively.
As a result, Severstal, which will fund the transaction from existing cash, will own a 62% stake in Lucchini, while the Lucchini family are expected to own a 29% stake and minority holders a 9% stake post the capital increase respectively.
The transaction was subject to European Antitrust clearance, Severstal said.