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Aperam confirms "very preliminary" talks with Acerinox for a merger

MADRID, 3 Jun.

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Aperam confirms "very preliminary" talks with Acerinox for a merger

MADRID, 3 Jun. (EUROPA PRESS) -

Aperam has confirmed that "recently" it has entered into "very preliminary" conversations with Acerinox regarding a possible merger operation between the two groups, although it has underlined that "there is no certainty that such an agreement will be reached or, if so, in what term?

In a statement, ArcelorMittal's spin-off stainless steel producer said these talks "are at an early stage and no agreement has been reached on the scope, structure or terms of any potential transaction," adding that it "will report to the market when necessary.

At the opening of the market, the National Securities Market Commission (CNMV) has decided to provisionally suspend, with immediate effect, the trading of Acerinox and Aperam due to rumors of a possible merger.

As reported on Thursday by the 'Bloomberg' agency, Aperam is exploring a possible merger agreement with the Spanish company Acerinox, which would create a new European giant in the metallurgical sector.

In any case, he stressed that the decision had not yet been made, so it is not certain that this type of combination will be carried out.

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.

According to the data at the close of the market yesterday, Acerinox is valued at 3,300 million euros, while Aperam has a value of almost 3,100 million. While the price of Acerinox is at the highest of the last five years, that of Aperam has accumulated a fall of almost 30% from its highs at the beginning of the year.

The Mittal family is the main shareholder in 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.

Acerinox closed this Thursday on the Stock Market at a price of 12.19 euros, with shares that have risen by almost 7% so far in 2022. For their part, Aperam shares are trading at 38.92 euros.