The stock market supervisor has suspended this Friday, precautionary and with immediate effect, the listing of Acerinox and Aperam, the former stainless steel division of ArcelorMittal. The National Securities Market Commission (CNMV) has made the decision due to rumors of a possible merger of the steel giants. The suspension of the listing It occurred minutes after the opening of the market, while relevant information about the entities is being disseminated, as reported by the stock market regulator.
The decision on the merger between the two groups is not yet made. According to sources close to the operation, quoted by Bloomberg, both firms are working with their advisors exploring the possibility of this merger. The companies recall, however, that any operation would require the support of both the Indian Mittal family, which controls around 40% of Aperam, as well as the Spanish March family, which is Acerinox’s largest shareholder with 18% through of an investment vehicle.
The Spanish steel group is valued at 3.3 billion euros, while Aperam, which is listed on the Amsterdam Stock Exchange, is worth almost 3.2 billion. While the price of Acerinox is at its highest in the last five years, that of Aperam has accumulated a fall of almost 30% from its highs at the beginning of the year.
The eventual merger between the two entities could have to be subject to authorization by the European authorities, since they are two leading steel manufacturing giants in the Old Continent.
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