Latest news for Acerinox (OTC:ANIOY) Stock

ACERINOX SA ADR

Acerinox SA is a Spain-based stainless steel maker engaged in the manufacture, processing, and marketing of stainless steel products and special alloys. The company operates in two segments; the Stainless steel segment which accounts for the majority of the company's revenue, includes both flat and long stainless steel products, and the High-performance alloys segment includes special alloys with high nickel content. This segment includes all the companies in the VDM Metals subgroup. Geographically the company operates in Spain, the Rest of Europe, America, Africa, Asia, and Others.

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North American Stainless will buy all of Haynes&#39; outstanding shares for $61 per share in cash — a 22% premium.

North American Stainless Buys Haynes International For $970M

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Acerinox SA

Barclays analyst Tom Zhang maintained a Buy rating on Acerinox (0OIQ – Research Report) today and set a price target of €12.00. The company's share...

Barclays Reaffirms Their Buy Rating on Acerinox (0OIQ)

In a report released on July 24, Inigo Egusquiza from Kepler Capital maintained a Buy rating on Acerinox (0OIQ – Research Report), with a price tar...

Kepler Capital  Sticks to Their Buy Rating for Acerinox (0OIQ)

European exporters with stretched valuations - JPM

Acerinox: I'm A Buyer During The Downcycle

Kepler Capital analyst Inigo Egusquiza maintained a Buy rating on Acerinox (0OIQ – Research Report) on October 11 and set a price target of €13.70....

Acerinox (0OIQ) Receives a Buy from Kepler Capital

Acerinox, S.A. reports Q3 results

Acerinox, S.A. (ANIOY) Q3 2024 Earnings Call Transcript

JPMorgan analyst Moses Ola lowered the firm's price target on Acerinox (ANIOY) to EUR 6.90 from EUR 7.60 and keeps an Underweight rating on the sha...

Acerinox price target lowered to EUR 6.90 from EUR 7.60 at JPMorgan

Kepler Capital analyst Inigo Egusquiza maintained a Buy rating on Acerinox (0OIQ – Research Report) on October 29 and set a price target of €13.70....

Barclays lowered the firm's price target on Acerinox (ANIOY) to EUR 11 from EUR 12 and keeps an Overweight rating on the shares. Published first on...

Acerinox price target lowered to EUR 11 from EUR 12 at Barclays

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Acerinox

North American Stainless agreed to buy Haynes International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAYN#NASDAQ">HAYN</a>), a manufacturer and marketer of high-performance alloys, in an all-cash deal valued at about $970 million.



The purchase price represents a 12.3x fiscal 2023 EBITDA multiple. North American Stainless will acquire all of Haynes&#8217; outstanding shares for $61.00 per share in cash, reflecting a 22% premium to Haynes&#8217; six-month volume-weighted average share price. 



Haynes CEO Michael L. Shor said the sale is &#8220;the right step to ensure the long-term success of Haynes while maximizing value for our stockholders.&#8221; 



Now Read: <a href="https://www.benzinga.com/news/24/02/36911855/endeavour-mining-resumes-operations-following-strike-at-major-gold-mine">Endeavour Mining Resumes Operations Following Strik</a><a href="https://www.benzinga.com/news/24/02/36911855/endeavour-mining-resumes-operations-following-strike-at-major-gold-mine">e At Major Gold Mine</a>



Acerinox chair Carlos Ortega Arias-Paz praised the Haynes team for building a &#8220;high-performance alloys business that will now be supported by Acerinox's global operating and financial strength.&#8221;



The transaction also expands Acerinox&#8217;s presence in the U.S. market, creating new opportunities in the aerospace sector. 



Additionally, Acerinox has committed to invest an additional $200 million into its U.S. operations, including $170 million into Haynes&#8217; operations. The four-year investment, mainly in Haynes&#8217;s Kokomo operations in Indiana, should create an integrated HPA and stainless steel platform.



&#8220;This acquisition is aligned with Acerinox's key strategic priority of enhancing our focus on value-added products with an emphasis on excellence and sustainability, building on our successful acquisition of VDM Metals in 2020,&#8221; said Arias-Paz said.



Acerinox bought German-based alloy firm VDM Metals for 532 million euros ($587.6 million) in 2020. 



This latest deal with North American Stainless is expected to be immediately accretive to Acerinox's earnings per share in its first year of ownership, even before the estimated annual synergies of $71 million. 



Both boards of directors have unanimously approved the acquisition, which should close in the third-quarter of 2024, subject to regulatory approval.



The acquisition by Acerinox, a Spanish steel conglomerate, continues the trend of foreign companies acquiring U.S. metal manufacturers. A $14.1 billion Nippon Steel's (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NISTF#OTC">NISTF</a>) bid for U.S. Steel (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>),<a href="https://www.benzinga.com/news/earnings/24/01/36872853/us-steel-q4-earnings-preview-all-eyes-on-nippons-14-1-billion-deal"> the largest such ongoing deal</a>, is pending regulatory scrutiny, with a focus on its impact on national security and supply chain reliability.



Haynes just announced <a href="https://www.benzinga.com/pressreleases/24/02/g36928503/haynes-international-inc-reports-first-quarter-fiscal-2024-financial-results">the latest earnings results</a>, reporting record revenues, despite a Kokomo plant outage.



Also Read: <a href="https://www.benzinga.com/news/earnings/24/02/36899901/us-steel-delivers-better-than-expected-q4-results">US Steel Delivers Better-Than-Expected Q4 Results</a>



Image: Unsplash

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