Acerinox decides not to go ahead with the talks for a possible merger with Aperam

MADRID, 6 Jun. (EUROPA PRESS) -

Acerinox's board of directors has unanimously agreed not to go ahead with preliminary talks with Aperam to study a possible corporate operation, the company informed the National Securities Market Commission (CNMV).

In this way, the Spanish steel group considers the negotiations ceased for a possible merger between the two groups, which would give rise to a 'giant' in the sector.

Last Friday, both groups confirmed that "recently" they had entered into "very preliminary" conversations regarding this possible operation between the two groups, although they stressed that there was no certainty that such an agreement would be reached "or, if so, in what terms".

In different communications to the market, the companies indicated that the analysis of the possible operation was "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," Acerinox said in a statement to the CNMV, while Aperam added that, in accordance with its legal obligations, it will inform the market "when be necessary".

Two years ago, the European Commission decided to prohibit the creation of a 'joint venture' between Tata Steel and ThyssenKrupp to unite their steel businesses in Europe.

The Mittal family is the main shareholder of steel giant ArcelorMittal, which controls around 40% of Aperam's voting rights. Meanwhile, Corporación Financiera Alba is the main shareholder of Acerinox, with almost 18% of its capital.

Together with the Mittal family, its shareholders include M

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