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MarketScreener Homepage  >  Equities  >  NASDAQ OMX STOCKHOLM  >  Alfa Laval AB    ALFA   SE0000695876

ALFA LAVAL AB

(ALFA)
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Alfa Laval Withdraws Bid for Neles After Failing to Get Enough Support

11/04/2020 | 04:13am EST

By Dominic Chopping

STOCKHOLM--Alfa Laval AB said Wednesday that it has withdrawn its offer for Neles Oyj after failing to receive enough acceptances for the deal.

The company said the final results of its tender offer show it received acceptances representing 32.82% of the shares and votes in Neles, missing the 50% threshold it needed to complete the deal.

Alfa Laval and Valmet Corp. have been vying for control of Neles over the past couple of months, with Alfa Laval launching a 1.73 billion euros ($2.02 billion) takeover bid in July. Valmet has gradually increased its ownership in Neles to 29.5% and recently moved to try to scupper Alfa Laval's deal by sending Neles an unsolicited letter proposing a merger, but didn't disclose terms.

"While the industrial logic and growth synergies between Neles and Alfa Laval represented a significant opportunity for both companies, we do not believe that Neles would be well served by having two large shareholders with conflicting strategic agendas for the long-term," said Alfa Laval Chief Executive Tom Erixon.

"For that reason, Alfa Laval has decided to withdraw the public tender offer."

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

11-04-20 0412ET

Stocks mentioned in the article
ChangeLast1st jan.
ALFA LAVAL AB -0.46% 236.4 Delayed Quote.4.95%
NELES OYJ 0.66% 10.705 Delayed Quote.-2.03%
VALMET OYJ -0.57% 26.4 Delayed Quote.13.66%
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Financials
Sales 2020 41 522 M 5 010 M 5 010 M
Net income 2020 4 192 M 506 M 506 M
Net Debt 2020 2 027 M 245 M 245 M
P/E ratio 2020 23,8x
Yield 2020 2,14%
Capitalization 99 159 M 11 961 M 11 964 M
EV / Sales 2020 2,44x
EV / Sales 2021 2,39x
Nbr of Employees 16 921
Free-Float 70,9%
Chart ALFA LAVAL AB
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Technical analysis trends ALFA LAVAL AB
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 234,59 SEK
Last Close Price 236,40 SEK
Spread / Highest target 22,7%
Spread / Average Target -0,77%
Spread / Lowest Target -19,6%
EPS Revisions
Managers and Directors
NameTitle
Tom Erixon President & Chief Executive Officer
Dennis Jönsson Chairman
Mikael Tyden President-Operations Division
Jan Allde Chief Financial Officer
Finn Anders Egil Rausing Independent Director
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