Shares of Aurubis, the German copper producer, fell 6.7% to €108.20 by 07:52 GMT on Wednesday after key shareholder Salzgitter sold €500 million in seven‑year bonds exchangeable into 7.6% of Aurubis’ stock. The move eased market speculation over a potential takeover, as Salzgitter’s long‑standing 29.99% holding sits just below Germany’s 30% threshold that would trigger a mandatory offer for the rest of the company. The exchangeable notes, due in 2032, carry a 3.375% fixed annual coupon and have an initial exchange price of €145.80 per share. BNP Paribas, Commerzbank, Deutsche Bank and UniCredit acted as joint global coordinators and bookrunners. Salzgitter said the transaction is intended to diversify its financing structure and maturity profile and plans to list the bonds on the Frankfurt Stock Exchange’s Open Market. Salzgitter shares rose 0.5%. The deal comes amid strong copper market conditions that had supported Aurubis’ stock earlier in October. Wednesday’s decline effectively erased those recent gains as investors assessed the implications of Salzgitter’s financing step for its long‑term stake and governance dynamics at Europe’s largest copper smelter and recycler.