Nippon Steel Liquidates Its Stake In Acerinox

Acerinox

UBS has sold approximately 21.4 million ordinary shares of ACERINOX (ACX), informing the market that the final terms of the private placement have been set. The sale was carried out via an accelerated bookbuilt offering, aimed exclusively at qualified investors.

The shares sold represent approximately 7.9% of Acerinox’s share capital, and the amount of the placement was EUR 225 million, with a sale price of 10.55 euros per share. On completion of the placement, Nippon Steel Stainless Steel Corporation has sold its entire shareholding in ACX. Settlement of the transaction is expected to take place on 5 October 2021.

On 17 June this year, Nippon Steel already sold a 7.9% stake in Acerinox at 10.2 euros per share for a total of 218 million euros, also through an accelerated sale led by UBS.

According to analysts at Link Securities: “The placement price of 10.55 euros per share represents a 4.9% discount to yesterday’s closing price of 11.09 per share. We therefore expect ACX’s share price to converge, at least at the market opening, towards the placement price. If this is the case, we believe it is a good opportunity to increase positions in the stock, given that the risk of this placement which had been penalising the shares has been eliminated. We also believe ACX has very positive future earnings expectations and an attractive valuation.”

About the Author

Juan José Fernandez-Figares
Head of Research at Link Securities, Juan José Fernández-Figares has been analysing financial markets and companies from a wide range of sectors for over two decades. He also advises clients on their investments. For the last ten years Fernandez-Figares has been developing models based on algorithms, oriented towards stock picking for portfolio and fund management.