German steelmaker Salzgitter denies interest in copper producer Aurubis AG
26 Apr 2013
Germany's Salzgitter AG, one of Europe's largest steelmaker, denied market rumours that it was planning to launch a €58-per share or €2.6 billion ($3.4 billion) bid for Aurubis AG – the world's second-largest copper producer.
Market traders had speculated that Salzgitter is weighing a €58 per share bid for Aurubis, which sent the Hamburg-based company's stock price to rise from €48.47 to €49.66.
It is mere market speculation, a spokesman for Salzgitter told the media.
Aurubis is Europe's largest copper producer and the world's largest copper recycler worldwide.
Aurubis was formed through the 2009 merger between Norddeutsche Affinerie AG and Belgian copper producer Cumerio.
Aurubis produces more than one million tonnes of copper cathodes annually and from them a variety of copper products. It employs about 6,300 people, has a market cap of $2.2 billion and has annual turnover of €13.8 billion.
With a crude steel capacity of almost 9 million tons, around 25,500 employees and annual sales of €10 billion, Salzgitter is among Europe's leading steel producer by capacity and has an annual output of around 7 million tonnes.
With over 100 subsidiaries and associated companies, the group is structured in five divisions – steel, trading, tubes, services and technology.