According to Reuters, Europe’s biggest copper smelter Aurubis stated it is confident its plan to sell its flat rolled copper products unit to Germany’s Wieland-Werke AG will be approved despite EU antitrust regulators on Wednesday, August 1, saying the deal may hurt competition.
The European Commission on Wednesday opened an in-depth investigation to examine the impact of the deal on the companies’ customers and consumers. It will decide by December 10 whether to clear the takeover.
“We remain optimistic that the sale to Wieland will be approved in the second phase of the EU’s competition examination,” a spokeswoman for Aurubis told Reuters. “It is not unusual for the EU to initiate the second review phase because they need more time for the examination.”
In July, the European Commission also opened a full-scale investigation into German copper producer KME’s purchase of German copper products producer Mansfelder Kupfer und Messing.
Full Content: Reuters