Goodbye to the new steel giant: Acerinox now rules out the merger with Aperam
Acerinox factory in Campo de Gibraltar.
Acerinox factory in Campo de Gibraltar.

There will no longer be another steel giant. At least for now. The Spanish steel group Acerinox has informed this Monday that it will not advance in the talks to merge with its rival Aperam. This has been indicated in a statement sent to the National Securities Market Commission (CNMV), a few days after recognizing that there were “very preliminary” conversations underway about a possible merger operation between the two companies.

“As a continuation of the communication of privileged information published on June 3, 2022 (registration number 1462), Acerinox informs that the Board of Directors of the Company meeting today has unanimously agreed not to continue with the conversations preliminary with Aperam SA to study a possible corporate operation”, indicates the note sent this Monday to the supervisor.

Last Friday, both Acerinox and Aperam acknowledged, in separate communications sent to the CNMV, that they were negotiating a possible merger, although they clarified that the talks were at a very early stage and that they were not even in a position to confirm that the operation would be completed. would come to an end. The merger of the two companies would create a leader in the stainless steel sector, both in the United States and in Europe.

“Acerinox, SA confirms that it has recently started very preliminary talks with Aperam SA,” said the statement sent on Friday by the Spanish multinational. “The analysis of the possible operation is in a very initial phase, and there is currently no agreement on its structure, perimeter and terms. There is no certainty that the parties will reach an agreement or, if applicable, under what conditions.”

The same tone had the note sent by Aperam to the CNMV, in which the former division of the steel colossus ArcelorMittal explained that the two companies were “in an initial stage”, without there being an agreement on its scope, structure or terms, nor “certainty” that “such an agreement would be reached or, if so, on what terms.”

The communiqués of last Friday had come after the CNMV, before the news of a possible merger, provisionally suspended the listing of the two companies. The day before, the Bloomberg agency had anticipated that the two groups were exploring the operation.

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