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Written by / Agency / Source: Outokumpu OYJ
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Outokumpu Comments The Transaction with ThyssenKrupp Announced on November 30 - Outokumpu now comments speculations related to the transaction made with ThyssenKrupp
Outokumpu Comments The Transaction with ThyssenKrupp Announced on November 30

 

NewswireToday - /newswire/ - Espoo, Finland, 2013/12/09 - Outokumpu now comments speculations related to the transaction made with ThyssenKrupp. OUT1V

   
 
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Outokumpu announced on November 30, 2013 comprehensive measures to strengthen its balance sheet and the divestment of Terni and VDM business to ThyssenKrupp in exchange for Outokumpu’s loan note to ThyssenKrupp (EUR 1.269 million at the end of September 2013) at full amount at closing. Outokumpu now comments speculations related to the transaction made with ThyssenKrupp.

First, Outokumpu believes that with this arrangement the company secured the best possible price on Terni and VDM under the circumstances. The consideration for the transaction for both business units is higher than the market estimates in the past months. Second, the consideration for the divestment of Terni and VDM was determined separately from the sale of ThyssenKrupp shareholding. Outokumpu was not involved in the negotiations regarding the terms and conditions of the sale of ThyssenKrupp’s Outokumpu shares.

ThyssenKrupp committed to sell its 29.9% shareholding in Outokumpu due to the requirement of the European Commission regarding the buyer suitability for Terni remedy assets that restricts ownership between Outokumpu and ThyssenKrupp. ThyssenKrupp agreed the price of the shares with the buyers and Outokumpu emphasizes that it was not a party to the sale of the shares. It is Outokumpu’s understanding that the price of these shares was influenced by the size of ThyssenKrupp’s current shareholding stake in Outokumpu, tight time frame caused by the requirement of the European Commission and the special terms and conditions of the planned rights issue of Outokumpu to which the buyers of the shares had to commit to.

Outokumpu believes that the transaction with ThyssenKrupp benefits all Outokumpu shareholders: the consideration for Terni and VDM business is the best possible under the circumstances and the arrangement significantly strengthens the company’s balance sheet.

Contacts:
Investors: Johanna Henttonen, T: +358 9 421 3804 or +358 40 530 0778
Media: Kari Tuutti, T: +358 40 717 0830

About Outokumpu Group

Outokumpu (outokumpu.com) is the global leader in stainless steel and high performance alloys. We create advanced materials that are efficient, long lasting and recyclable thus building a world that lasts forever. Stainless steel, invented a century ago, is an ideal material to create lasting solutions in demanding applications from cutlery to bridges, energy and medical equipment: it is 100% recyclable, corrosion-resistant, maintenance-free, durable and hygienic. Outokumpu employs more than 15 000 professionals in more than 40 countries, with headquarters in Espoo, Finland and shares listed in the NASDAQ OMX Helsinki.

 
 
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Written by / Agency / Source: Outokumpu OYJ

 
 

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Outokumpu Comments The Transaction with ThyssenKrupp Announced on November 30

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