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Bond Market News
ArcelorMittal Abandons Takeover Plans of CLN JV
September 2, 2026
– Vandit P
ArcelorMittal SA has abandoned takeover plans of its joint venture with CLN-Coils Lamiere Nastri SpA, a financially troubled Italian auto-parts maker. This comes after the Italian government imposed restrictions under its “golden power” rules, clearing the way for domestic steelmaker Acciaieria Arvedi SpA to acquire the business. ArcelorMittal had agreed to purchase the remaining 51% of ArcelorMittal CLN Distribuzione Italia Srl as part of a broader debt restructuring negotiated between CLN and its lenders. However, Rome intervened on strategic-interest grounds and imposed conditions that reportedly included government approval for any changes to the company’s structure or workforce, as well as a requirement to maintain existing operations for five years. ArcelorMittal subsequently chose not to proceed, while Arvedi submitted a new binding offer that was accepted by ArcelorMittal and CLN in recent weeks. Italy has previously used these powers to disrupt UniCredit’s attempted acquisition of Banco BPM and to restrict the influence of Chinese shareholder Sinochem at tiremaker Pirelli. ArcelorMittal is also among CLN’s largest creditors, alongside banks and suppliers.
ArcelorMittal’s dollar bonds traded stable with its 5.375% 2036s at 96.9, yielding 5.8%
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