Swiss steel firm Schmolz + Bickenbach chosen to buy France's Ascometal
01 Feb,2018
Swiss company Schmolz + Bickenbach has been chosen by a Strasbourg court to buy troubled French steelmaker Ascometal, the court said on Monday, with Schmolz + Bickenbach's bid prevailing over a rival one from Liberty House.
Ascometal, which makes specialty steel and employs around 1 300 workers, filed for court protection last November, and takeover offers for the company had come under the scrutiny of the Strasbourg court.
Like Ascometal, Schmolz + Bickenbach is a producer of specialist steel products.
Liberty House, which has been snapping up distressed steel and aluminium assets around the world, had emerged as a top contender to take over Ascometal alongside Schmolz + Bickenbach.
Liberty House is part of businessman Sanjeev Gupta's GFG Alliance, a $10-billion industrials, energy and commodity group looking to list a steel asset in the United States this year or next, having recently listed an energy asset in London.
