Acerinox confirmed on Monday the breakdown of talks with Aperam, owned by the Mittal family (with 40% of the capital), in an operation that, in the eyes of the market, has lasted two sessions and four days. Although the contacts have lasted for several weeks. Aperam would have taken the first step in its intention to launch a takeover bid for 100% of Acerinox’s capital, but neither the form nor the price convinced the company’s board of directors. It unanimously voted not to go ahead with the negotiations, including the March family, which holds 18% of Acerinox through Corporación Financiera Alba.
Financial sources suggest that Aperam would have put on the table a “very low valuation range” for the Spanish steelmaker, below the 14 euros which has been speculated in the market since the first rumour of a takeover bid (https://bit.ly/3NpAoJy) last Wednesday.
Aperam could have offered a price of around 13 euros per share, which would value the company at over 3.5 billion euros. It is worth remembering that the target price for Acerinox is around 16.20 euros, which represents a premium of 38% over its current share price.
Currently, the Spanish firm is the third largest producer in Europe (at its Algeciras headquarters) and the leader in the US and South Africa (where it has its Columbus factory). Aperam is the second largest stainless steel producer in Europe (in France and Belgium) and the largest in South America