european steel market

acerinox

BofA will raise Acerinox PO to €11.6 (+ 14%) if it closes VDM operation

The acquisition of German VDM has obtained anti-trust approval in the US market but is still awaiting European authority clearance.  If approved, the transaction is expected to be closed in March and BofA will raise Acerinox target price to 11.6 euros, practically 14% above its base scenario or upside potential close to 22% of the spot price.