The European Commission (EC) has approved unconditionally the acquisition in full of Spanish welded tube manufacturer Grupo Condesa by ArcelorMittal, Kallanish learns from EU merger authorities.
“The proposed acquisition would raise no competition concerns, given that ArcelorMittal already exerts joint control over Condesa and the companies’ combined market shares are moderate,” says the EC.
The transaction was examined under the simplified merger review procedure, the EU confirms.
ArcelorMittal has had a 33% stake in the company since February 2016, as a result of Condesa’s restructuring within the framework of the so-called “Phoenix Project”. The rest of the shares were owned by banks Santander, BBVA, CaixaBank, Kutxabank, Bankinter, Caja Rural de Navarra and Banco Sabadell.
As part of the acquisition, Spain’s Zalaín Transformados, Cold Profile and Condesa Fabri plants, as well as Germany’s SRW Schwarzwälder Röhrenwerk have become part of ArcelorMittal Europe – Tubular Products.
Todor Kirkov Bulgaria
