The Koutalidis Law Firm has advised Etem and ElvalHalcor on their strategic partnership with Cosmos Aluminium. Corina Fassouli Grafanaki & Associates advised Cosmos Aluminium.
The transaction remains contingent on regulatory approval. The merger will see ElvalHalcor join Cosmos Aluminium with a 15% stake in Cosmos, while the current shareholders of Cosmos Aluminium will hold the remaining 85%.
Cosmos Aluminium is an aluminum extrusion industrial company in Greece. ElvalHalcor is a member of the Viohalco group and the sole shareholder of Etem.
"The envisaged transaction involves the absorption of Etem by Cosmos Aluminium, resulting in the creation of a robust company in the field of aluminum extrusion, maximizing the benefits for the shareholders, staff, and partners of both merging companies and creating a number of synergies and economies of scale between them," Koutalidis informed.
"The operations of Cosmos Aluminium and Etem are currently complementary to each other – the first being active in the field of industrial aluminum profile and the second in the field of the architectural aluminum profile," the firm reported. "Following the absorption of Etem, Cosmos Aluminium is expected to have a projected turnover of over EUR 300 million, becoming one of the largest extrusion manufacturers in South-East Europe."
The CFGA Law team included Managing Partner Korina Fassouli-Grafanaki, Partner Anastasia Aravani, and Associate George Tsamouris.
Editor's Note: After this article was published, PPG Lawyers announced it had advised, alongside Jordanov Valkov & Partners, Cosmos Aluminium and Etem Commercial and Industrial Light Metals on obtaining the necessary merger clearance before the Bulgarian Competition Protection Commission. The favorable decision was issued on March 30, 2023.
