German copper company Norddeutsche Affinerie buys Cumerio for about $770 million

17 May 2008

German copper extracting company Norddeutsche Affinerie AG has acquired full control of Cumerio, the Belgian parent of Bulgaria-based copper smelter Cumerio Med, for about 770 million euro or 30 euro per share, media reports said.

The parties did not disclose the value of the deal. But a source familiar with the transaction said the German company paid 770 million euro or 30 euro per share.

The merger will create the largest copper smelting company in Europe and the third-largest anode and cathode copper making company in the world with an annual output worth 10 billion euro.

The parties are expected to unveil a new holding concern in June, but it is not yet known whether it will be based in Hamburg, where the largest factory of the new company is based.

Cumerio's largest production facility in Pirdop, Bulgaria, produced 249 000 tonnes of anode copper and 65 000 of cathode copper in 2007.

Cumerio exports about 90 per cent of its production, mainly to Turkey, Greece and the Black Sea region.