Mergers: Commission opens in-depth investigation into proposed acquisition of Metallo

The European Commission has opened an in-depth investigation to assess the proposed acquisition of Metallo by Aurubis, under the EU Merger Regulation. The Commission is concerned that the acquisition may reduce competition in the purchasing of copper scrap for refining.

Commissioner Margrethe Vestager, responsible for competition policy, said: ”Demand for copper is likely to increase, notably also due to the growing importance of electric cars. A well-functioning, competitive copper recycling industry is key to meet the future needs of European industry and to limit the impact on the environment. The Commission will carefully assess the merger between Aurubis and Metallo, the two leading copper scrap refiners in Europe, to ensure the transaction would not negatively affect competition in this important sector.”

Aurubis is a vertically integrated provider of non-ferrous metals and the leading player in the copper industry in Europe. Metallo is a comparatively smaller but innovative company processing and refining non-ferrous metal scrap, in particular copper scrap. Both companies purchase large quantities of copper scrap for refining.

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