03 June 2022
08:48
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The Luxembourg stainless steel producer and Bel20’er Aperam is considering a merger with its Spanish rival Acerinox. A merger would create the largest stainless steel producer in Europe.
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According to Bloomberg news agency, the two companies have hired consultants to investigate a deal. In any case, a merger is impossible without the support of the Mittal family, which holds a 40 percent interest in Aperam, and of the Spanish March family, which is the main shareholder of Acerinox with 18 percent.
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In a press release confirms Aperam ‘the very preliminary talks’ with Acerinox. “No agreement has yet been reached on the scope, structure or terms of a potential transaction. There is no assurance that such an agreement will be reached.”
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The merger would create the largest stainless steel producer in Europe.
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If Aperam, which was formed in 2011 after a split from the steel giant ArcelorMittal, and Acerinox reach a deal, it will be closely scrutinized by the competition watchdogs. The merged group could dethrone Finland’s Outokumpu as the largest producer of stainless steel in Europe.
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ArcelorMittal
has a 40 percent interest in Aperam
, which has been part of the Brussels star index Bel20 since 2017. The stainless steel company is valued at 3.1 billion euros and produces 1.2 million tons of stainless steel per year, accounting for a quarter of the market. Acerinox, which, in addition to being the market leader in the United States, also has a strong presence in South Africa and Asia, is worth 3.5 billion euros. So it could be a merger of equals.
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