CRA provided economic advice to Aperam in the context of the European Commission’ review of its contemplated acquisition of VDM, from pre-notification to the Commission’s in-depth (Phase II) review.  The transaction concerned specialty steel, and in particular nickel alloys. Aperam withdrew from the deal on December 21, 2018 in the course of the Commission’s second phase investigation.

As part of its advice and economic support to Aperam, CRA conducted a number of economic and empirical analyses ranging from market reconstruction to closeness of competition. The CRA team was led by Raphaël De Coninck and also included Roman Fischer, Stefano Callari, Jonathan Frisch, Céline Rizzoli and Max Schlosser.