Copper smelter Aurubis has won European Union approval for its planned EUR 380 million acquisition of metal recycling group Metallo.
The takeover ‘would not adversely affect competition’ in the copper recycling sector, the European Commission said in a statement. This decision comes after EU competition authorities vetoed a plan by Aurubis in early 2019 to sell its flat rolled products division to German copper products producer Wieland, arguing the deal could lead to higher prices.
Aurubis expects the formal closing of the deal on 29 May and points out that the EU approval (granted on 4 May) is unconditional. The initial consolidation of Metallo into the Aurubis group will start on 1 June and the full merger is due to be concluded by the end of 2020.
Metallo processes about 220 000 tonnes of scrap and recycling materials a year at its Beerse plant in Belgium and another 95 000 tonnes at its plant in Berango in Spain. Along with copper, Metallo produces other metals including tin and lead.
The acquisition fits the ‘multi-metals strategy’ Aurubis has adopted, says company ceo Roland Harings. He adds: ‘Recycling is crucial for a sustainable society and, furthermore, is an attractive global growth market. Metallo’s processing know-how and technical processes perfectly complement our core expertise. Together, we will continue to expand our capabilities and capacities for recycling important industrial and precious metals.’
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