Melrose weighs options after ‘low-ball’ bids for GKN Powder Metallurgy unit (US)

The industrialists who bought GKN, the British engineering group, in a controversial £8bn deal this year are weighing options for one of its key divisions after receiving a string of “low-ball” takeover offers.  Sky News has learnt that executives at Melrose are deciding whether to press on with an immediate auction of GKN Powder Metallurgy following initial bids last week valuing the business at about £1.6bn. That figure was well belowContinue reading

EU Commission opens investigation about acquisition of VDM by Aperam in nickel alloy industry (US)

At this stage, the Commission is concerned that, following the transaction, customers would face reduced choice of suppliers, as well as higher prices, for nickel alloy plates and sheets, and for strips. VDM is already the market leader in these products and its position could be strengthened further through its merger with Aperam.The Commission will also investigate further whether the transaction could have an effect on the supply and prices of long nickel alloy products, namely nickel alloy wire and wire rod.

The European Commission has opened an in-depth investigation to assess the proposed acquisition of VDM by Aperam under the EU Merger Regulation. At this stage, the Commission is concerned that the merger may reduceContinue reading

Fujian Sangang buys bankrupt Laiwu Steel in Xinjiang (US)

BEIJING (Reuters) – China’s government-backed Fujian Sangang Group purchased iron- and steel-making capacity from a bankrupt plant in western China, the company said on Monday, allowing the company to expand its own capacity later. The purchase is part of a growing trend, implicitly backed by China’s government, of swapping steel capacity between the country’s regions to foster consolidation in the industry and to reduce the concentration of Continue reading

Pratt and Whitney Sells Israeli Carmel Forge Facility (US)

Bet Shemesh Engines signed an agreement to buy Pratt and Whitney-owned jet parts manufacturer Carmel Forge for $ 58.5 million.  Carmel Forge will continue to supply parts to Pratt & Whitney under a 10-year, $360 million agreement.

Israeli engine part manufacturer Bet Shemesh Motors has signed an agreement to acquire Israeli Carmel Forge from American aerospace manufacturer Pratt & Whitney Company Inc., the former announced in a Tel Aviv Stock Exchange filing Sunday. According to the terms of the transaction, Carmel Forge will sign a framework agreement for the supply of parts to the Pratt & Whitney Group over a period of ten years for an estimated total of $362 Continue reading

Arconic weighs $11 billion offer from Apollo (US)

Aluminum products maker Arconic Inc’s (ARNC.N) board of directors is mulling an $11 billion acquisition offer it received last Friday from buyout firm Apollo Global Management LLC (APO.N), according to people familiar with the matter. The offer is at a small premium to where Arconic shares are trading, adding pressure on the U.S. company to decide if it will remain independent after President Donald Trump’s imposition of aluminum tariffs drove up its costs this year and weighed on business prospects. Apollo’s offer values Arconic at between $23 and $24 per share, one of the sources said. Arconic shares ended trading on Monday at $21.45. Arconic had $6.3 billion inContinue reading

ATI Acquires Aerospace & Defense Additive Manufacturer Addaero (US)

Allegheny Technologies Incorporated ATI, +0.34% today announced that it has acquired Addaero Manufacturing (Addaero), a leader in metal alloy-based additive manufacturing for the aerospace and defense industries, located in New Britain, CT. “This strategic acquisition brings together ATI’s deep knowledge and experience in commercial aerospace and our industry-leading powder metal manufacturing capabilities, including our new aerospace-qualified Bakers Powder Operations, and Addaero’s technical expertise to produce aerospace quality parts using variousContinue reading

More than two years after acquiring PCC Warren Buffett has no regrets (US)

More than two years after acquiring Precision Castparts Corp. at a cost of $37.2 billion, Berkshire Hathaway Inc.’s leadership has no regrets — about the acquisition, or the man in charge of the company. At the conglomerate’s annual meeting in Omaha this past weekend, a questioner suggested Portland-based Precision was losing “pre-eminence” as an aerospace industries supplier and performing weakly, and asked about its long-term outlook. “Longer term, and in the shorter term, it’s a very, very good business,” Berkshire Chairman WarrenContinue reading

Titane et Zircon : Eramet se renforce avec son partenaire australien MDL (US)

Le groupe minier et métallurgique français Eramet améliore ses positions dans les matières premières. Il a pris le contrôle de son partenaire australien MDL. Les sables riches en titane et en zircon sont exploités à Grande Côte au Sénégal, puis transformés en Norvège. 

Le conseil d’administration du groupe australien MDL a fini par recommander à ses actionnaires l’offre de rachat revalorisée. “L’opération, réalisée intégralement en numéraire au prix de 1,75 dollar australien par action, valorise les capitaux propres de MDL à environ 350 millions de dollars australiens, soit environ 220 millions d’euros”, a précisé Eramet. La banque australienne Macquarie, acteur majeur du secteur des matières premières a participé à l’opération.

“Nous sommes très heureux d’annoncer la prise de contrôle de MDL. Pour Eramet, il s’agit d’un mouvement logique, en ligne avec sa stratégie, qui permet de consolider Tizir au sein de son portefeuille au moment où le groupe renoue avec des projets de développement”, a réagi Christel Bories, PDG d’Eramet. “En prenant le contrôle le Tizir, nous nous donnons les moyens de poursuivre efficacement son développement au sein du secteur prometteur des sables minéralisés.”

Tizir, la coentreprise d’Eramet et de MDL, avait été créée en 2011 pour exploiter les sables minéralisés riches Continue reading

Cefival et Ruspolymet s’allient dans les anneaux réacteurs (Fr)

Cefival, filiale française de Siderval, et la société russe Ruspolymet allient leurs savoir-faire pour la vente de matière et d’anneaux de réacteur.

Le français Cefival et le russe Ruspolymet ont décidé de mettre en commun leurs savoir-faire respectifs pour coopérer dans la vente de matière et d’anneaux de réacteur. Un accord de partenariat exclusif. Inventeur du procédé de filage de l’acier, Cefival, filiale de Siderval, elle-même filiale du groupe Calvi, a développé un procédé de fabrication baptisé “near net shape”. Une technologie dont Ruspolymet vaContinue reading

Japan’s Sumitomo acquires Sweden’s Ovako (US)

Japan’s Nippon Steel & Sumitomo Metal Corporation said Monday that it completed the acquisition of Sweden’s Ovako Group on June 1, which will boost its special steel business and secure production and sales bases in Europe. “Demand of special steel is expected to grow further with firm demand from the automotive, industry machinery and wind power generation [sectors], so strengthening the special steel business [will] keep stable supply to customers,” a NSSMC spokeswoman said Tuesday. Ovako will continue to drive its business Continue reading