The move follows announcements made by Chairman and CEO Evangelos Mytilineos during the company’s Capital Markets Day in London, where he outlined Metlen’s commitment to accelerating its development through targeted internal transformation.
Central to this strategy is the merger of three subsidiaries in Metlen’s bauxite mining division—a key step aimed at streamlining operations and enhancing efficiency.
The restructuring involves the absorption of Delphi-Distomon Single-Member Mining S.A. and Single-Member Company of Mining, Mineral Industry and Shipping S.A. into European Bauxites Single-Member S.A., one of the group's primary mining entities.
The effective balance sheet date for the merger is set as December 31, 2024.
As part of the transaction, European Bauxites increased its share capital to €18.2 million by issuing over 12.8 million new shares. Delphi-Distomon was valued at €20.36 million, generating additional reserves of more than €16 million on the acquiring company’s books. No new shares were issued for the second absorbed company, as it was already wholly owned by European Bauxites.
The merger was executed under the principle of universal succession, meaning all assets, liabilities, licenses, contractual obligations, and legal relationships of the absorbed companies have been transferred in full to European Bauxites without the need for liquidation.
Employees of the merged companies have been fully incorporated into the new corporate structure, maintaining uninterrupted employment relationships.
This consolidation marks a significant milestone in Metlen’s broader transformation plan, reinforcing the group’s ambition to create a more agile and integrated business model across its industrial and energy portfolios. The company has signaled that further structural initiatives are likely to follow, as it positions itself to better compete on a global scale and unlock greater long-term value.
