Milan, 11 December (LaPresse) – Flacks Group's proposal as part of its binding offer for the former Ilva business provides for the Italian government to retain a 40% stake in a new company, which the US fund would acquire on an unspecified date for between €500 million and €1 billion. This was stated by Michael Flacks, founder of the fund of the same name, in an interview with Bloomberg. After acquiring the steelworks for one euro, Flacks' business plan would involve 8,500 workers and investments to double steel production to 4 million tonnes per year.
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