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: