Italy in Talks With ArcelorMittal Over 50% of Taranto Steel Mill

Italy is in talks with ArcelorMittal SA to buy a 50% stake in the company running the European Union’s largest steel mill, according to two people familiar with the matter.

The deal would involve a 400 million euro ($473 million) cash transfer to the steel giant for the majority of its 94% stake in AM InvestCo Italy Srl via government investment agency Invitalia, said the people, who asked not to be named discussing confidential negotiations. AM InvestCo Italy runs the Taranto steel mill and other minor sites.

Spokespeople for ArcelorMittal and for Invitalia declined to comment.

The deal -- ...