May 4, 2020 / 9:48 AM / 22 days ago

Aurubis wins EU approval for Metallo takeover -statement

BRUSSELS, May 4 (Reuters) - Europe’s biggest copper smelter Aurubis won EU antitrust approval on Monday for its planned 380 million euro ($412 million) acquisition of Belgian-Spanish metal recycling group Metallo, the European Commission said.

Confirming a Reuters report from April 28, the Commission said in a statement: “the merger would not adversely affect competition” in the copper recycling sector.

Aurubis agreed in May 2019 to buy Metallo as part of an acquisition-led expansion into other metals. Metallo processes about 220,000 tonnes of scrap and recycling materials a year at its Beerse plant in Belgium and another 95,000 tonnes its plant in Berango, Spain. (Reporting by Robin Emmott)

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