SOLIDIUM SUPPORTS THE COMBINATION OF OUTOKUMPU AND INOXUM
(Thomson Reuters ONE) -
Solidium Oy supports the plan to combine Outokumpu Oyj and Inoxum, manufacturer
of stainless steel owned by the German ThyssenKrupp AG. Combination will create
a new global leader in stainless steel, with sales of 11,8 bn euros and
personnel of 19,000. The completion of the transaction is subject to certain
closing conditions, including merger control clearances.
In connection with the transaction, Outokumpu has announced a plan to conduct a
rights issue of up to 1 bn euros. Solidium has committed to subscribe for
Outokumpu's new shares in the rights issue for its pro rata entitlement (30.8
per cent) corresponding to up to approximately 310 million euros, subject to the
terms of the subscription commitment. After the completion of the transaction,
Solidium will hold approximately 21.7 per cent of the outstanding shares in
Outokumpu.
Solidium and ThyssenKrupp, the largest shareholders in Outokumpu after the
closing of the transaction, have agreed on certain principles concerning
nomination of members of the Board of Directors of Outokumpu. Solidium has
committed to support that a person nominated by ThyssenKrupp will be elected as
a member to the Board of Directors of Outokumpu after the closing of the
transaction and ThyssenKrupp has committed to support that a person nominated by
Solidium will be elected as the chairman of Shareholders' Nomination Board of
Outokumpu.
"We believe in the rationale of this transaction. The anticipated synergies are
significant and, we believe, achievable. A full product offering, a global
manufacturing and sales network and a leading technology know-how platform will
be formed by this combination. We intend to be a long term owner of the new
company", comments Solidium managing director Kari Järvinen.
Information: Solidium Oy managing director Kari Järvinen, tel. +358 10 830 8905.
Solidium is a limited company wholly owned by the State of Finland. Its mission
is to strengthen and stabilise Finnish ownership in nationally important
companies and increase the value of its holdings in the long run. Investment
activities are based on financial analysis. The core of Solidium's investment
strategy is proper, value enhancing asset management of the current holdings.
Through its stakes, Solidium is a minority owner in eleven listed companies:
Elisa, Kemira, Metso, Outokumpu, Rautaruukki, Sampo, Sponda, Stora Enso,
Talvivaara Mining Company, TeliaSonera and Tieto. The market value of Solidium's
investments is approximately EUR 7.4 billion at the date of this press release.
Further information:www.solidium.fi
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Source: Solidium Oy via Thomson Reuters ONE
[HUG#1581286]
Unternehmensinformation / Kurzprofil:
Datum: 01.02.2012 - 07:31 Uhr
Sprache: Deutsch
News-ID 109734
Anzahl Zeichen: 3435
contact information:
Town:
Helsinki
Kategorie:
Business News
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"SOLIDIUM SUPPORTS THE COMBINATION OF OUTOKUMPU AND INOXUM"
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