Flacks Group Set for Exclusive Talks on Ailing Italy Steel Plant

The committee overseeing takeover talks for the former Ilva steelworks in Italy has recommended entering into exclusive negotiations with turnaround specialist Flacks Group, according to a person familiar with the matter.

The US-based private-equity firm’s promise to invest in the ailing site and protect jobs factored into the recommendation, along with prospects for increased production, said the person, who asked not to be named prior to an official announcement.