The European Commission has cleared Italian long stainless steel and nickel alloy producer Cogne Acciai Speciali’s acquisition of Mannesmann Stainless Tubes from German steelmaker Salzgitter, the Commission said June 28 in its daily news bulletin.
The Eur135 million ($144.5 million) deal was first announced in February, with Cogne saying at the time the acquisition would widen its footprint to encompass the market for seamless tubes and stainless steel nickel alloy pipes.
The EC said the deal had been approved under the EU Merger Regulation.
“The commission concluded that the notified transaction would not raise competition concerns, given the companies’ limited market positions resulting from the proposed transaction,” it said, adding that the transaction had been examined under the simplified merger review procedure.
MST produces seamless stainless steel and nickel-based tubes at its operating plants in Germany, France, Italy and the US.
Cogne manufactures long products in stainless steel and nickel-based alloys for the aerospace, automotive and energy industries, as well as supplying the medical technology, food, chemical and plant engineering, and mechanical engineering sectors.
Cogne previously provided Mannesmann with semi-finished product.