January 17, 2018 / 9:36 AM / 4 months ago

ArcelorMittal-Votorantim tie-up will require more asset sales -report

SAO PAULO, Jan 17 (Reuters) - Brazil’s antitrust watchdog Cade will press steelmakers ArcelorMittal SA and Votorantim Siderurgia SA for more asset sales before approving their merger, newspaper Valor Economico reported on Wednesday, citing unidentified sources.

The newspaper did not specify which assets Cade is targeting nor which the companies have proposed to sell. Cade, Votorantim and Arcelor did not respond to requests for immediate comment.

In September, a body of Cade recommended rejecting ArcelorMittal’s proposed acquisition of Votorantim Siderurgia, saying a tie-up between two of Brazil’s top-three long steelmakers would hurt competition. (Reporting by Tatiana Bautzer; editing by Jason Neely)

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