The multinational Acerinox has obtained conditional approval from the Austrian Competition Authority for the acquisition of the American special alloys company Haynes International.
With the approval of the authority of Austrian competitionSubject to compliance with certain conditions, the operation has already successfully passed all the procedures of the various international competition authorities.
“Acerinox’s acquisition of the company American Haynes International has been approved by the Austrian competition authorities. As a result, the transaction has obtained all regulatory approvals from the relevant authorities and the conditions to which it was subject have been fulfilled. The transaction should be closed before the end of November,” the company confirmed to the National Securities Market Commission (CNMV).
Concretely, on July 1, the operation received approval from the United States Department of the Treasury, through the Committee of Foreign investment (Cfius). This resolution followed that of the Ministry of Justice of March 18, thus satisfactorily concluding the phase of authorizations required by North American legislation and authorities.
THE European countries that they had to review the operation from the point of view of foreign investment (FDI), as well as the British competition authority.
The Acerinox agreement
Acerinox enters into agreement to purchase Haynes International last February 5 for an amount of 798 million dollars (740.3 million euros) with the aim of “consolidating its presence on the North American market”, as well as “its preeminence in the global market for high performance alloys”.
Agreement includes plan for Haynes to reinvest 185.5 million euros over the next four years, in new joint operations in North America to create an integrated HPA and stainless steel platform.
Acerinox then estimated that the operation would result in synergies of 71 million dollars (65.8 million euros), the majority coming from this investment of 200 million dollars.
Acerinox shares rose 0.95% at 10:45 a.m., to 8.99 euros.
