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Acerinox breaks off talks with Apparm for its merger

board of directors of acerinox have unanimously agreed not to proceed with preliminary talks aparamo To study possible corporate operations,…

By admin , in news , at June 6, 2022

board of directors of acerinox have unanimously agreed not to proceed with preliminary talks aparamo To study possible corporate operations, the company notified the National Securities Markets Commission (CNMV).

In this way, the Spanish steel group eliminates potential negotiations. Fusion between the two groups, which would give rise to a ‘giant’ in the region.

Conversations

Last Friday, both groups confirmed that “recently” they had entered into “very preliminary” talks about this possible operation between the two groups, though they insisted that there was no chance of reaching such an agreement. There was no certainty “or, if so, in what way.” terms,

In various communications to the market, the companies indicated that the analysis of potential operations was “at a very early stage, and there is currently no agreement regarding the same. structurePerimeter and conditions».

“There is no certainty as to whether the parties will reach an agreement or, if applicable, under what conditions,” he said. acerinox in a statement to cnmvWhile Apparm said that, in accordance with its legal obligations, it would notify the market “when necessary.”

Two years ago, the European Commission decided to prohibit the creation of a ‘joint venture’ between Tata Steel and ThyssenKrupp to bring together their steel business in Europe.

Mittal family

The Mittal family is the main shareholder in steel giant ArcelorMittal, which controls about 40% of Apram’s voting rights. Whereas, the financial corporation alba is the main shareholder of Acerinox, with approximately 18% of its capital.

Along with the Mittal family, M&G Investment Management with 4.67% of its shareholders; Also Dimensional Fund Advisors (2.3%) or black Rock (1,7%).

In the case of Acerinox, in addition to Financiera Alba, its main shareholders are businessmen. Daniel Bravowith 5% of the capital, and the South African Industrial Development Corporation (IDC), with 3.26%.

Acerinox breaks off talks with Apparm for its merger

2022-06-06 12:47:59