The Acerinox board closes the door to a possible merger with the Luxembourg company Aperam

The board of directors of Acerinox has unanimously agreed this afternoon not to go ahead with the talks with the Luxembourg company Aperam to study a possible corporate operation -merger or purchase-, as reported by the company to the National Securities Market Commission (CNMV).

The Acerinox board closes the door to a possible merger with the Luxembourg company Aperam

The board of directors of Acerinox has unanimously agreed this afternoon not to go ahead with the talks with the Luxembourg company Aperam to study a possible corporate operation -merger or purchase-, as reported by the company to the National Securities Market Commission (CNMV). .

In this way, the Spanish steel group terminates the negotiations that could have given rise to a 'giant' in the sector.

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

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 "and, 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 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.

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