Posted in | News | Ferrous Alloys and Metals | Business | Iron and Steel

Outokumpu Bid to Acquire Full Ownership of AvestaPolarit

Jul 2 2002

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Outokumpu Oyj has made a bid to take complete ownership of AvestaPolarit. To this end they have entered into an agreement to purchase the stock of Corus Group, the other primary shareholder.

Currently, Outokumpu hold 52.4% of the AvestaPolarit shares, and Corus have 23.2%. The agreed purchase price for their shares is EUR6.55.

Once this transaction has been completed Outokumpu will make a mandatory offer to acquire the remaining shares at the same price. It is expected that this will take place in August.

The acquisition of the remainder of AvestaPolarit is consistent with Outokumpu’s strategy to become a leading metals technology group. It will be one of the core business units of Outokumpu and will continue to operate as usual.

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