Key Developments: Electrolux AB (ELUXb.ST)
182.20SEK
23 May 2013
-3.80kr (-2.04%)
186.00kr
183.00kr
183.60kr
180.60kr
1,462,605
1,604,343
188.00kr
122.70kr
Latest Key Developments (Source: Significant Developments)
Standard & Poor's Ratings Services Maintains Ratings for Electrolux AB
Standard & Poor's Ratings Services announced that it has maintained ratings for Electrolux AB at BBB+/A-2. The outlook is stable. Full Article
Fitch Ratings Affirms and Withdraws Short-Term Issuer Default Rating and Short-Term Debt Class, Program and Instrument Rating for Electrolux AB
Fitch Ratings announced that it has affirmed and withdrawn the Short-term Issuer Default Ratings and short-term debt class, program and instrument ratings assigned to Electrolux AB (F3). Fitch has decided to discontinue the rating, which is uncompensated. All other ratings assigned to the issuer are unaffected by the withdrawal, and analytical coverage of the issuer will continue. Full Article
Electrolux AB Announces Details on FY 2011 Dividend Payment
Electrolux AB announced that the proposed dividend of SEK 6.50 per share for the fiscal year 2011 was adopted. The record date was set to March 30, 2012, and cash dividends are expected to be paid from Euroclear Sweden on April 4, 2012. Full Article
Electrolux AB Issues Bond Loan
Electrolux AB announced that it issued a bond loan of SEK 1 billion on under its EMTN (Euro Medium Term Note) program. The bond loan is issued on March 22, 2012, with a maturity on September 22, 2015. A part of the loan, SEK 650 million, is issued at fixed rate and carries a coupon of 3.25% annually. The remaining part, SEK 350 million, has a floating interest rate. The bond will be listed on the Luxembourg Stock Exchange. The proceeds of the offering will be used for general corporate purposes. Full Article
AB Electrolux Proposes Dividend And Share Repurchases
AB Electrolux announced that the Board proposes a dividend of SEK6.50 (6.50) per share for 2011. It also proposed a renewed AGM mandate to repurchase own shares. Full Article
AB Electrolux Announces Mandatory Tender Offer To Acquire Remaining Shares Of Olympic Group Financial Investment Co SAE
Olympic Group Financial Investment Co SAE announced that AB Electrolux has offered a mandatory tender offer, through Electrolux Contracting Aktiebolag, to acquire the remaining shares of Olympic Group Financial Investment Co SAE for EGP 40.60 per share starting from January 29, 2012 until February 2, 2012. Electrolux Contracting Aktiebolag has previously acquired 98.2% of Olympic Group Financial Investment Co SAE's Capital in July 31, 2011 for EGP 40.60 per share. Full Article
AB Electrolux Updates on Reorganization and Layoffs
AB Electrolux announced that it is reducing overhead costs in all regions. The savings from these measures will amount to SEK 680 million annually and incur a cost of SEK 630 million. The activities to reduce staffing levels in all regions were initiated in the fourth quarter of 2011 and will continue in the beginning of 2012. The total non-recurring costs for these measures of approximately SEK 630 million will be charged against the operating income in the fourth quarter of 2011. The savings are expected to amount to approximately SEK 680 million on a yearly basis, and the saving activities will be fully implemented in 2012. The annual savings are about SEK 180 million higher than previously estimated and communicated at the Capital Markets Day in November 2011, while costs are about SEK 130 million higher. Full Article
AB Electrolux Signs Revolving Credit Facility
AB Electrolux announced that it has entered into a new EUR 500 million multi-currency revolving credit facility agreement with a group of 11 banks. The facility is for general corporate purposes and has a five-year maturity, with extension options for up to two more years. The new facility will refinance an existing EUR 500 million syndicated facility which matures in June 2012. The facility was oversubscribed during syndication, but was not increased. The active Bookrunners, Co-ordinators and Mandated Lead Arrangers are Citi and SEB. Deutsche Bank also joined the facility as Bookrunner and Mandated Lead Arranger. Mandated Lead Arrangers in the facility are Credit Agricole Corporate and Investment Bank, Danske Bank, HSBC Bank plc, J.P. Morgan Limited, Morgan Stanley, Nordea, Swedbank and The Royal Bank of Scotland. Full Article
Fitch Ratings Revises AB Electrolux's Outlook to Negative from Stable
Fitch Ratings announced that it has revised AB Electrolux's outlook to negative from stable and affirmed its Long-term Issuer Default Rating (IDR) and senior unsecured notes at BBB. The Short-term IDR has also been affirmed at F3. The Negative Outlook principally reflects a deterioration in Electrolux's main markets over the past 12 months along with pressure coming from raw material prices, causing deteriorated profit margins, weaker cash flow and higher leverage, which Fitch believes will be sustained over the medium term. Full Article
Sigdo Koppers SA Announces Further Details on Sale of Its Entire Stake in CTI Compania Tecno Industrial SA To AB Electrolux’s Magellan SA; CTI Compania Tecno Industrial SA Announces Dividend Payment
Sigdo Koppers SA announced that, according to the conditions mentioned on the share purchase agreement that the Company has reached with AB Electrolux’s subsidiary Magellan SA, Sigdo Koppers SA has sold its entire stake in CTI Compania Tecno Industrial SA to Magellan SA at a value of CLP 125,169,664,341. It was also announced that as part of the agreement, CTI Compania Tecno Industrial SA has distributed an interim dividend payment for the fiscal year 2010 at the total value of CLP 21,627,140,636. Following the transaction and including the dividend payment, Sigdo Koppers SA has received a total amount of CLP 146,796,804,977 for the divestiture of CTI Compania Tecno Industrial SA. Full Article
Electrolux pins hopes on U.S. as Europe stagnates
STOCKHOLM - Household appliance maker Electrolux said it hoped a recovering North American market would drive growth this year as Europe is stuck in the doldrums.
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