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Reuters reveals Aurubis to win EU approval for Metallo takeover; market reacts

Reuters exclusively reported that Europe’s biggest copper smelter Aurubis is set to win EU antitrust approval for its planned 380 million euro ($412 million) acquisition of Belgian-Spanish metal recycling group Metallo. The European Union competition enforcer opened a full-scale investigation into the deal in November, saying the merged entity could hold a dominant position in copper scrap with increased purchasing power to negotiate lower prices for the copper scrap it buys. Another concern centered on Aurubis’ market power in the downstream markets for copper cathodes and wire rods. Aurubis shares gained nearly 3% after the Reuters report was published.

Market Impact

Aurubis shares gained nearly 3% after the Reuters report was published.

Article Tags
Type: Reuters Best
Sectors: Equities
Regions: Europe / Middle East / Africa
Win Types: Exclusivity
Story Types: Exclusive / Scoop
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