Ovako is negotiating to join French industrialists and investors in a bid for the assets of Ascometal.
Ovako is negotiating to join the group of French industrialists and investors that announced on May 5th that it planned to make a bid for the assets of French engineering steel maker Ascometal, currently under bankruptcy procedures. The negotiation concerns a small minority share for Ovako.
The group is lead by Frank Supplisson, who was chief of staff for former industry minister Christine Lagarde. Also included are Ascometal founder and former Airbus CEO Noel Forgeard and former Arcelor chief executive Guy Dolle.
The commercial court in Nanterre is expected to make a decision on a winning bid before the end of May.
"We believe that an independent Ascometal, with the right financial and industrial backing, is the best way to successfully transit the corporation into a profitable and growing company," say Tom Erixon, CEO and President Ovako, and Frank Supplisson in a joint statement.