Acerinox withdraws registration of Haynes acquisition with Austrian competition authority
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Update time : 2024-06-11 16:57:19
The Spanish stainless steel company Acerinox announced in February this year the acquisition of the American company Haynes International by US$798 million, and submitted the notification to the Austrian Federal Competition Authority for the registration of the merger in March.
However, on April 30, the Austrian Authority submitted a request to the antitrust court for an in-depth examination of the merger because a strengthening of the position of Acerinox, which is already a leader in stainless steel manufacturing, could have a negative impact on competition and for companies specializing in nickel alloys.
After Acerinox extended the deadline for two more weeks, the Spanish company informed on last Friday May 31, that it had withdrawn the registration of the merger. Therefore, both Austrian Authority and the Federal Cartel Prosecutor will also withdraw their requests for a review of this acquisition.
The acquisition received the green light from Haynes shareholders in April, has already been approved by U.S. antitrust authorities and is subject to other regulatory approvals.
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