The deal, carried out by the Marcegaglia Carbon Steel unit,
was completed after the company obtained clearance from both the
Baltic country's government and the European Union's (EU)
competition watchdog.
The total consideration for the purchase has not been paid
to Severstal but was transferred into an escrow account where it
will remain "frozen" as long as the sanctions imposed by the EU
against the Kremlin remain in place.
(Reporting by Federico Maccioni, editing by Gavin Jones)
MILAN, April 21 (Reuters) - Steel firm Marcegaglia has
acquired 100% of Russia's Severstal unit in Latvia,
the Italian company said in a statement on Friday.
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