Cosmos Aluminium A.E. signed a Basic Terms of Cooperation agreement to acquire Etem Commercial and Industrial of Light Metals Societe Anonyme from Elvalhalcor Hellenic Copper and Aluminium Industry S.A. (ATSE:ELHA) on May 6, 2022. Cosmos Aluminium A.E. entered into an agreement to acquire Etem Commercial and Industrial of Light Metals Societe Anonyme from Elvalhalcor Hellenic Copper and Aluminium Industry S.A. (ATSE:ELHA) on December 27, 2022. As a result of the Corporate Transformation, ELVALHALCOR, upon completion of the Merger will hold a minority stake of 15% in the share capital of COSMOS ALUMINUM, while the current shareholders of COSMOS ALUMINUM will hold, in total, a stake of 85% in the share capital of COSMOS ALUMINUM.

Completion of the Merger process is subject to the granting of the required, in accordance with the Law, approvals from the General Meetings of the shareholders of ETEM and COSMOS ALUMINUM, as well as subject to the granting, in accordance with the Law, of the necessary approvals from the competent authorities. The Corporate Transformation is expected to be completed by March 15th, 2023, at the latest. As of March 6, 2023, The Commission on Protection of Competition (CPC) received a request to investigate the proposed merger.

As of the announcement made on March 14, 2023, The deal is expected to be completed on May 31, 2023.