Acerinox factory in Campo de Gibraltar.


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 negotiations with Aperam SA to study a possible corporate operation”, points out 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.”

Also Read  The coming fiscal adjustment: What do citizens think? | Economy | The USA Print

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.”

Last Friday’s statements had come after the CNMV, before the news of a possible merger, precautionary suspended the listing of the two companies. The day before, the Bloomberg agency had anticipated that the two groups were exploring the operation.

He knows in depth all the sides of the coin.

subscribe

Also Read:

The labor crisis in the airline sector leads to a chaotic summer at airports | companies | The USA...
The current stock market crisis has already destroyed more value of the S&P 500 than the one of 2008...
The community of neighbors will be able to leave the defaulters without a pool and demand more inter...
Biden plans to suspend the federal gas tax to combat inflation | Economy | The USA Print
How is the tax on electricity companies in other European countries | companies | The USA Print
Spain: The Government only spent 2,400 million of European funds last year | Economy | The USA Pri...
Norway rubs its hands with the energy crisis: "There are times when it's not fun to make money, and ...
A week of gas cap: neither fiasco nor panacea | Economy | The USA Print
The richest 1% concentrates 17% of the national income | Economy | The USA Print
The unions demand that the CEOE return to the salary negotiation table: "If there is no agreement, t...
Kellogg splits into three companies to accelerate growth | Economy | The USA Print
The funds give Abengoa until Friday to save itself from bankruptcy | Economy | The USA Print
The CNMV will redouble surveillance on cryptocurrency advertising at sporting events | Economy | T...
Israel Arroyo leaves the post of Secretary of State for Social Security and Pensions | Economy | T...
Elon Musk says there are three issues to be resolved to close the purchase of Twitter | Economy | ...
Airef criticizes the Government for the lack of information on the execution of European funds | Ec...
El Corte Inglés repurchases half of the shares held by the Qatari investor Al Thani for 387 million ...
Montero cools off Yolanda Díaz's proposal and advances that the surcharge on electricity companies w...