Aurubis gets EU approval for Metallo takeover
2020-05-06 13:28:11 [Print]
Europe's biggest copper smelter Aurubis won European Union antitrust approval on Monday for its planned 380 million euro ($412 million) acquisition of Belgian-Spanish metal recycling group Metallo, the European Commission said.
The Commission said the merger would not adversely affect competition in the copper recycling sector.
Aurubis agreed in May 2019 to buy Metallo for 380 million euros as part of an acquisition-led expansion into other metals alongside copper.
Metallo processes about 220,000 tonnes of scrap and recycling materials a year at its Beerse plant in Belgium and another 95,000 tonnes its plant in Berango in Spain. Along with copper, Metallo produces a range of other metals including tin and lead. Its processes difficult scraps with low metal content.
Aurubis said separately it expected the formal closing of the takeover on May 29 and that EU approval on Monday was unconditional.
The initial consolidation of Metallo into the Aurubis group will start on June 1 and planning for the merger is expected to be finished by the end of 2020, an Aurubis spokeswoman said. The actual integration could last longer.
The Commission said the merger would not adversely affect competition in the copper recycling sector.
Aurubis agreed in May 2019 to buy Metallo for 380 million euros as part of an acquisition-led expansion into other metals alongside copper.
Metallo processes about 220,000 tonnes of scrap and recycling materials a year at its Beerse plant in Belgium and another 95,000 tonnes its plant in Berango in Spain. Along with copper, Metallo produces a range of other metals including tin and lead. Its processes difficult scraps with low metal content.
Aurubis said separately it expected the formal closing of the takeover on May 29 and that EU approval on Monday was unconditional.
The initial consolidation of Metallo into the Aurubis group will start on June 1 and planning for the merger is expected to be finished by the end of 2020, an Aurubis spokeswoman said. The actual integration could last longer.
Copper Scrap Wire 99%min Delivered China
Unit:RMB/mt
China refined copper producers' suspension number statistics by province by month
Unit: pcs
