The Austrian Competition Authority (Bundeswettbewerbsbehörde) has informed the company that it intends to send its merger agreement with Haynes to the Cartel Court, as Phase II of the approval process. The company has stated that while it is disappointed by this decision given Austria’s small share of the business, it intends to actively engage with the institutions and remains optimistic that the final outcome will be positive.
In any case, they expect the closing schedule of the transaction, expected for 3Q24, to be maintained.
Assessment: Negative news, albeit with a limited impact, which in any case we do not think that even in the worst case scenario will prevent the closing of the deal.
Acerinox: BUY (Close 10.23 € P.O. 14.50 €)
