Apollo offers €400m for Ascometal
US firm Apollo is looking to acquire French steel producer Ascometal from its parent company Lucchini, according to media reports.
Apollo is understood to have offered €300m for the company's assets, in addition to taking on €100m of its debt.
Lucchini - 51% owned by Russian oligarch Alexei Mordashov and 49% by Russian steel company Severstal - is currently undergoing a restructuration in order to ease its €770m debt burden.
Initially a subsidiary of Usinor, Ascometal was acquired by Lucchini in 1999. The manufacturer of specialty steel products targets the automotive, oil and energy sectors; it posted a €724m turnover in 2009 and employs close to 2,500 people.
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