German copper extracting company Norddeutsche Affinerie AG became the sole owner of the Belgian concern Cumerio, the parent company of Bulgaria-based copper smelter Cumerio Med, Dnevnik daily reported on May 15.

The merger will produce the largest copper smelting company in Europe and the third-largest anode and cathode copper making company in the world with an annual output worth 10 billion euro.

The parties to the deal are yet to name the value of the deal. But a source closely familiar with the transaction said that the German company paid 770 million euro or 30 euro per share.

The name of the new concern is to be unveiled in June, sources from Cumerio Med said, but it is known that the new holding will be based in Hamburg, where the largest factory of the new company is based.

Cumerio’s largest production facility is based in Bulgaria. In 2007, the Pirdop-based factory manufactured 249 000 tonnes of anode copper and 65 000 of cathode copper.

Since privatisation in 1997, Cumerio invested 270 million euro into the product process renovation and 80 million euro for environmental upgrades.

About 90 per cent of Cumerio Med's production is destined for export, namely for Turkey, Greece and the Black Sea region.

Bulgarian mines supply 40 per cent of the plant’s input materials, compared to 90 per cent four years ago. The reason is the multiple increase of the plant’s capacity.