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Outokumpu Oyj divests Terni and VDM to ThyssenKrupp and strengthen its balance sheet


Friday, 29 Nov 2013 05:55pm EST 

Outokumpu Oyj:Says has signed a binding agreement with ThyssenKrupp whereby Outokumpu will sell the Terni remedy assets and the VDM business to ThyssenKrupp.Says the company's loan note to ThyssenKrupp will be canceled in full amount at closing as consideration for the transaction.Says the loan note was 1,269 million euros at the end of Sept. 2013.Says to comply with the buyer suitability requirements of the European competition rules, ThyssenKrupp has entered into an agreement to divest its 29.9% shareholding in Outokumpu to a group of institutional investors.Says Solidium has agreed to acquire a part of the shares resulting in an increase of its ownership in Outokumpu from its current level of 21.8 percent to 29.9 percent.Says Ahlstrom Capital has agreed to acquire shares representing 5.1 percent of all shares in Outokumpu.Says the company plans 650 million euros rights issue.Says has received irrevocable subscription commitments from shareholders representing 52.8 pct of all its shares, with the remaining 47.2 pct of the rights issue being underwritten by Outokumpu’s core banks, subject to customary terms and conditions.Says has secured new syndicated loan facility of EUR 500 million with a maturity of three years. 

Company Quote

4.644
-0.138 -2.89%
19 Dec 2014