Walsin Lihwa wins approval for takeover of Italy's CAS

Taiwan's Investment Review Committee has granted approval for stainless and special steelmaker Walsin Lihwa Corporation to establish an investment vehicle in Luxembourg through which the Taipei-based firm will acquire a controlling stake in Italy's Cogne Acciai Speciali S.p.A (CAS), a leading manufacturer in European stainless steel long products.

The approval was granted during a committee meeting held on September 26, local media reported, allowing Walsin Lihwa Europe SARL to be established to invest the equivalent of $220 million for a 70% stake in CAS. The Taiwanese maker had announced its plans for its European expansion in June