The deadline for Aurubis's acquisition of Metallo has been postponed by the European Union until April 3 next year. Once the acquisition is successful, it will be a combination of Europe's largest copper buyer and copper smelter. The EU said in a statement that the acquisition would disrupt the copper recycling market and curb the initiative of recyclers to collect waste copper. Lower scrap copper prices will also increase the industrial manufacturing costs of producing scrap copper as a by-product.
The two companies are the only two companies that can buy and smelt scrap copper with complex ingredients and tin. The deal will allow the combined company to negotiate scrap copper at a lower price. The EU said the deal would also allow Aurubis to control the supply of cathode copper and copper wire rods.
Earlier, the European Union rejected a proposal by Wieland-Werke AG, the German copper company, to buy a unit from Aurubis, Europe's largest copper smelter, in February. The reason is that the merger may eliminate the market competitiveness of copper-rolled products.
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