Distressed Investor Flacks Promises Jobs in €1 Bid for Italy Steelworks
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000A US-based investor known for turning around distressed assets is offering to save thousands of jobs at a troubled Italian steel plant if the government allows him to take it over. Michael Flacks, a high-school dropout who made a fortune snapping up unwanted businesses, said he’ll raise output at the money-losing former Ilva plant should he win a government auction of the Taranto site, formally known as Acciaierie d’Italia SpA. He spoke in an interview ahead of a Thursday deadline for binding offers.