Indian billionaire brothers in rival talks to save Italian steelmaker-sources

mercoledì 30 aprile 2014 13:20
 

* Insolvent Lucchini has recently begun idling capacity

* Up to 4,000 Lucchini jobs are at risk

* Pope Francis urges "creativity" in resolving its problems

* Its facilities could be sold for a symbolic 1 euro - Italian media

* Billionaire Jindal brothers competing for 2nd asset in recent months

By Krishna N Das and Clara Denina

NEW DELHI/LONDON, April 30 (Reuters) - India's billionaire brothers, Naveen and Sajjan Jindal, could be the answer Pope Francis is looking for.

Their companies, Jindal Steel and Power and JSW Steel, are in competing talks to buy parts of insolvent Italian steelmaker Lucchini, sources with direct knowledge of the matter said.

Pope Francis earlier this month called for those in power to use their "creativity" to resolve Lucchini's problems. Italy's second-largest steelmaker has tried to sell itself for years but has so far failed to attract investors, forcing it to recently begin idling capacity and putting at risk up to 4,000 jobs.   Continua...