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Aperam terminates deal with Lindsay Goldberg to acquire VDM Metals-2019 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
12/27/2018 有色金属展-Copper exhibition -non-ferrous metals expo |
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Aperam last week confirmed the termination of the Share Purchase Agreement with Falcon Metals and Lindsay Goldberg Vogel to acquire VDM Metals Holding GmbH as previously announced on April 11 2018. It said “Despite spending considerable time and effort on explaining the specific nature of the speciality alloys market as well as the benefits of creating a strong European player able to compete in a truly global market the European Commission upheld its concerns about the impact of the proposed merger with the creation of a European Alloys Champion. As it was not possible to agree on a value accretive outcome of the transaction, in the interest of their stakeholders, Aperam and Falcon Metals and Lindsay Goldberg therefore decided to withdraw from the in depth Phase II investigation launched by the European Commission on November 29, 2018.
Mr Timoteo Di Maulo, CEO of Aperam, said “The European stainless and speciality alloy steel industry is an essential player in the EU in terms of employment and services to its customers, is competitive and setting benchmark technical and environmental standards thanks to its strong R&D efforts. Today, the European industry is put under tremendous pressure from global competition, in particular from Asia where giant plants are built with often unfair subsidies, and the USA, where these industries and markets are highly protected. The Speciality Alloy Division is addressing the same global markets, in an environment where enlarged product offering, scale and R&D capabilities are essential to compete. Facing conceptual roadblocks with the creation of a European Alloys champion, not recognizing the existence of global markets for speciality alloys products, is highly regrettable, and has lead us to the conviction that addressing these concerns of the European Commission would make a value accretive deal impossible. In the interest of our shareholders we pursue our strategy and financial policy, hence are left with no choice but to withdraw from the deal.
Looking forward we will continue to rely on our solid balance sheet and self-help measures to withstand an extremely challenging market environment while continuing to look for any value accretive opportunities."
有色金属展-铜材展-2019年广州国际有色金属工业（铜业）展览会
-2019 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
-Non-Ferrous Metal exhibition, 2019
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China Copper exhibition, China Copper expo
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