Wendelstein advises Salzgitter AG on sale of Mannesmann Stainless Tubes Group to Cogne Acciai Speciali

Frankfurt am Main, Press release

Continuing its active portfolio management, the Salzgitter Group has sold the Mannesmann Stainless Tubes Group (MST) to the Italian company Cogne Acciai Speciali in accordance with the best-owner principle for a purchase price of € 135 million corresponding to the net book value. The transaction is subject to regulatory approvals by the authorities.

The Mannesmann Stainless Tubes Group produces seamless stainless steel and nickel-based tubes at its sites in Germany, France, Italy and the USA, which are predominantly deployed in power plant construction and in the chemical and petrochemical industries.

Salzgitter AG, which is listed on the SDAX, is one of Europe's leading steel and technology companies with approx. 6.1 million tons of crude steel production, approx. 25,000 employees, external sales of around EUR 12.5 billion and EBT of around EUR 1.2 billion (all figures as at FY 2022).

Cogne Acciai Speciali is an international group of companies with production facilities on three continents and sales offices in all economically significant regions of the world. Cogne manufactures long products in stainless steel (austenitic, martensitic, ferritic, duplex and super-duplex grades) and nickel-based alloys for aerospace, automotive, energy – and in particular the oil and gas – industry as well as serving the medical technology sector, the food industry, chemical and plant engineering, in addition to general mechanical engineering.

As Burkhard Becker, Chief Financial Officer of Salzgitter AG, commented: "We are pursuing active portfolio management with strategic acquisitions and growth steps, as well as sales of companies that are not part of our defined development areas. This approach is an integral part of our "Salzgitter AG 2030" Group strategy. Cogne provides MST and its employees further reaching entrepreneurial opportunities within the new network, and ranks as a renowned industrial partner."

Wendelstein advised the Salzgitter Group in close cooperation with various corporate departments (including Legal, Tax, M&A, Accounting) on the sale of the Mannesmann Stainless Tubes Group (MST). The team was led by partner Dr. Daniel-Müller Etienne (M&A, Corporate and Tax) and included partners Dr. Lars F. Freytag and Nikolaus Hofstetter (both M&A and Corporate) as well as associates Kevin Siebert, Victoria Ehrensperger, Judith Piperek (all M&A and Corporate) and Dr. Katharina Menger (Tax).

Wendelstein cooperated with the law firms Blomstein (Dr. Anna Blume Huttenlauch, Dr. Roland Stein, Dr. Laura Louca, Ana Carolina Vidal and Marie-Luise Heuer, all for the areas of merger control and FDI) and Backup.legal (Dr. Jens Jensen, for employment law issues).

Wendelstein is an independent law firm based in Frankfurt am Main. We advise on the core areas of commercial law, with a particular focus on corporate/M&A and dispute resolution. Our lawyers stand for outstanding legal quality and service orientation. Further information can be found at www.wendelstein.com.

See also: Salzgitter AG verkauft Mannesmann Stainless Tubes-Gruppe an Cogne Acciai Speciali | Salzgitter AG (salzgitter-ag.com).