According to union sources, four companies have been shortlisted for the acquisition of Italian stainless steel producer Acciai Speciali Terni (AST), which is part of ThyssenKrupp.

Italian steelmaker Arvedi and re-roller Marcegaglia will visit the factory in Terni this week, and Pohang Iron and Steel and Baosteel are said to be racing to acquire the troubled producer. Kallanish heard that Terni has the "political will" to retain Italian, which may be with the help of the government's financial support currently under discussion.

Arvedi and Marcegaglia declined to comment at this stage of the negotiation. People familiar with the matter believe that the partnership between the two may be an option, but other sources have ruled out this possibility.

In April, ThyssenKrupp started the first phase of sales, and buyers can access some of AST's production, sales and financial documents. This phase lasted for two months and was in charge of JP Morgan Chase, who was responsible for overseeing the entire process. Together with the Italian government, Federacciai, a local steel manufacturer's association, publicly supported the sale of AST to one of the Italian companies.

Kallanish learned that the companies competing for AST are now preparing financial offers.

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