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MarketScreener Homepage  >  Equities  >  NASDAQ OMX HELSINKI LTD.  >  Neles Oyj    NELES   FI4000440664

NELES OYJ

(NELES)
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Neles board backs Alfa offer over Valmet

10/12/2020 | 03:15am EST

Oct 12 (Reuters) - The board of Finnish engineer Neles is sticking with its recommendation for shareholders to accept a takeover offer from Alfa Laval, saying it does not have enough details on a rival merger proposal from Valmet to make a comparison. Valmet, the largest shareholder of valves maker Neles, approached Neles in September with a merger proposal, challenging a $2 billion bid from Swedish engineering group Alfa Laval.

"Despite our efforts, there is no concrete proposal from Valmet's Board of Directors available to Neles which we could fairly assess from the perspective of Neles' shareholders," board chairman Jukka Moisio said in a statement.

In response, Valmet repeated its opposition to Alfa Laval's 11.50 euros per share bid and said it had outlined the strategic rationale for the combination, the potential structure of the transaction and the potential for synergies.

"Valmet has also made a proposal on the timetable and emphasized its willingness to engage in discussions...to clarify a more specific merger proposal including a share exchange ratio," it said.

Valmet, which develops and supplies technologies, automation systems and services for the pulp, paper and energy industries, has been raising its stake in Neles since Alfa Laval made its offer. It held 29.5% of shares at the end of September.

Valmet said it was worried Alfa Laval could waive its 2/3 acceptance condition and potentially complete its tender offer with a lower acceptance level.

Alfa Laval was not immediately available to comment.

Neles, whose valves are used in industries ranging from oil and gas to pulp and paper, became an independent company in July when parent Metso's 2019 deal to merge its bigger minerals technology unit with Outotec was finalised.

Shares in Neles were 0.4% higher at 11.62 euros. Valmet was down 0.4% and Alfa Laval down 0.9%. (Reporting by Tarmo Virki in Tallinn, Additional reporting by Helena Soderpalm in Stockholm; editing by Mark Potter, Kirsten Donovan)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALFA LAVAL AB 2.17% 221 Delayed Quote.-8.31%
METSO OUTOTEC OYJ -2.13% 7.35 Delayed Quote.30.25%
NELES OYJ 0.18% 10.84 Delayed Quote.4.75%
VALMET OYJ 1.27% 21.43 Delayed Quote.-0.70%
All news about NELES OYJ
11/13NELES CORPORATION : - Notification according to chapter 9, section 5 and 6 of th..
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11/09NELES CORPORATION : Managers' transactions - Jukka Tiitinen
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11/04NELES CORPORATION : - Final result of Alfa Laval's recommended public tender off..
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11/04Alfa Laval Withdraws Bid for Neles After Failing to Get Enough Support
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11/04ALFA LAVAL : Final result of Alfa Laval's recommended public tender offer for al..
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11/03ALFA LAVAL : Preliminary result of Alfa Laval's recommended public tender offer ..
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11/02Alfa Laval Says Preliminary Data Show It Has Failed With Bid For Neles
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11/02ALFA LAVAL : Preliminary result of Alfa Laval's recommended public tender offer ..
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10/29NELES OYJ : Resolutions of Neles Corporation's Extraordinary General Meeting
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10/28ALFA LAVAL : has received all necessary regulatory approvals for the recommended..
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More news
Financials
Sales 2020 573 M 685 M 685 M
Net income 2020 52,6 M 62,9 M 62,9 M
Net Debt 2020 82,9 M 99,1 M 99,1 M
P/E ratio 2020 31,1x
Yield 2020 1,55%
Capitalization 1 625 M 1 942 M 1 943 M
EV / Sales 2020 2,98x
EV / Sales 2021 2,70x
Nbr of Employees 2 840
Free-Float 63,7%
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Technical analysis trends NELES OYJ
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 8
Average target price 14,89 €
Last Close Price 10,82 €
Spread / Highest target 220%
Spread / Average Target 37,6%
Spread / Lowest Target -4,81%
EPS Revisions
Managers
NameTitle
Percy Henrik Mikael Lilius Chairman
Jukka Matias Moisio Chairman
Vesa Erolainen Chief Information Officer
Christer Göran Harald Gardell Vice Chairman
Lars Olof Josefsson Independent Director
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