SOLIDIUM SUPPORTS THE PARTIAL DEMERGER OF METSO AND THE COMBINATION OF METSO MINERALS AND OUTOTEC4.7.2019
Solidium supports the transaction announced today by Metso Corporation and Outotec Oyj to combine Metso Minerals and Outotec to create a leading company in equipment, services and process technology serving the minerals, metals and aggregates industries. The combined company will be named Metso Outotec Corporation with combined revenues amounting to EUR 4.2 billion including the impact of the recently announced acquisition of McCloskey by Metso. The complementary offering, capabilities in technology and services as well as global footprint of Metso Minerals and Outotec create a solid ground for the combination and enable significant synergy benefits.
The transaction will be implemented through a partial demerger of Metso, in which Metso shareholders will receive as demerger consideration 4.3 newly-issued shares in Outotec for each share owned in Metso. Metso shareholders will hold 78.0% and Outotec shareholders 22.0% of Metso Outotec. Solidium’s shareholding in both Metso and Outotec is currently 14.9%. Following the transaction, Solidium will hold 14.9% of the combined company.
As a result of the combination of Metso Minerals and Outotec, Metso will continue under the name Neles Corporation, which is expected to become a leading, globally recognized pure-play flow control company. After the completion of the transaction, Solidium will continue as a shareholder in Neles with a
14.9% stake. The completion of the transaction is subject to customary conditions, including the approval of the EGMs of both companies.
Solidium, Cevian Capital Partners, Varma and Ilmarinen have irrevocably undertaken, subject to certain customary conditions, to vote in favour of the transaction in the respective EGMs of Metso and Outotec.
Further information: CEO Antti Mäkinen, tel. +358 (0)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 term. The basis and core objective of Solidium's strategy is proper, value-enhancing asset management of its current holdings. Through its stakes, Solidium is a minority owner in thirteen listed companies: Elisa, Kemira, Konecranes, Metso, Nokia, Nokian Tyres, Outokumpu, Outotec, Sampo, SSAB, Stora Enso, Tieto and Valmet. The market value of Solidium’s investments is approximately 7.9 billion euros. Further information: www.solidium.fiNews