Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. Finland
  4. Nasdaq Helsinki
  5. Valmet Oyj
  6. News
  7. Summary
    VALMT   FI4000074984

VALMET OYJ

(VALMT)
  Report
Delayed Nasdaq Helsinki  -  11:29 2022-10-03 am EDT
21.18 EUR   +1.68%
09/28Finland's Valmet to Supply Coated Board Making Line in Asia-Pacific
MT
09/27Valmet Secures Tech Deal for Industrial Paper Company's Containerboard Machine in Vietnam
MT
09/27Valmet Oyj to Supply Key Technology for Cheng Loong's New Board Machine in Vietnam
CI
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Valmet Oyj (HLSE:VALMT) completed the acquisition of remaining 70.4% stake in Neles Oyj (HLSE:NELES) ) from Cevian Capital Partners Limited, Ilmarinen Mutual Pension Insurance Company, Elo Mutual Pension Insurance Company, Keskinäinen työeläkevakuutusyhtiö Varma, Alfa Laval AB (publ) (OM:ALFA) and others.

04/01/2022 EDT

Valmet Oyj (HLSE:VALMT) made a merger proposal to acquire remaining 70.4% stake in Neles Oyj (HLSE:NELES) from Cevian Capital Partners Limited, Ilmarinen Mutual Pension Insurance Company, Elo Mutual Pension Insurance Company, Keskinäinen työeläkevakuutusyhtiö Varma, Alfa Laval AB (publ) (OM:ALFA) and others for approximately €790 million on September 29, 2020. The proposal does not include a proposal for the specific terms of the merger, such as an exchange ratio. Valmet Oyj took some loans out for the acquisition. Valmet obtained €695 million of team loan facility from Danske Bank and Nordea to finance the acquisition. The Board of Directors of Neles will assess the Letter and consider potential further actions needed. As on July 2, 2021, Valmet Oyj entered into combination acquire remaining 70.5% stake in Neles Oyj. Upon completion, Neles' shareholders (excluding Valmet as well as Neles with respect to treasury shares held by Neles) will receive as merger consideration 0.3277 new shares in Valmet for each share they hold in Neles at the end of the last trading day preceding the date of registration of the execution of the merger (the “Effective Date”) whereby, based on the current number of shares issued, Neles shareholders (excluding Valmet as well as Neles with respect to treasury shares held by Neles) would own approximately 18.8% of the shares and votes of the Combined Company, and Valmet shareholders would own approximately 81.2% of the shares and votes of the Combined Company. The proposed combination will be implemented as a statutory absorption merger whereby Neles will be merged into Valmet. Shareholders representing approximately 16.9 percent of the shares and votes in Valmet, and shareholders representing approximately 15.4% of the shares and votes in Neles, have subject to certain customary conditions irrevocably undertaken to vote in favor of the combination. Together with Valmet, the above-mentioned shareholders in Neles hold approximately 45% of the outstanding shares and votes in Neles. The total number of shares of Valmet to be issued as Merger Consideration would therefore be 34,664,986 shares. Valmet has obtained necessary commitments for the financing of the completion of the merger and Neles has obtained necessary commitments for the extra distribution of funds. The merger financing arrangements comprise €695 million term loan facilities for Valmet and €301 million term facility for Neles, which Danske Bank A/S and Nordea Bank Abp as joint underwriters, coordinating bookrunners and mandated lead arrangers have arranged and underwritten in full. The facilities may be used to refinance the companies' existing indebtedness in connection with the merger and finance potential cash redemptions of Neles' shares and Neles' extra distribution of funds. The Combined Company will continue to be listed on Nasdaq Helsinki Ltd and the name of the company will remain Valmet Oyj.

It is proposed that the Board of Directors of the Combined Company will include six (6) directors from the current Board of Directors of Valmet (Mikael Mäkinen, Aaro Cantell, Pekka Kemppainen, Per Lindberg, Monika Maurer and Eriikka Söderström) and two (2) directors from the current Board of Directors of Neles (Jaakko Eskola and Anu Hämäläinen). It is proposed that the Combined Company's Chairman of the Board of Directors will be Mikael Mäkinen and that the Combined Company's Vice Chairman of the Board of Directors will be Jaakko Eskola. Pasi Laine, currently President and Chief Executive Officer of Valmet, will continue to act as the President and Chief Executive Officer of the Combined Company after the completion of the merger and Kari Saarinen, the current Chief Financial Officer of Valmet would be appointed as the Chief Financial Officer. The Extra Distribution will be paid on March 31, 2022 to shareholders who are on the record date of the Extra Distribution, March 24, 2022, entered in Neles' shareholder register maintained by Euroclear Finland Oy.

The completion of the contemplated merger is subject to, among other items, approval by a majority of two-thirds of votes cast and shares represented at the respective EGMs of Valmet and Neles, the obtaining of necessary merger control and other regulatory approvals, the availability of the financing agreed for the purpose of the merger and that no material adverse effect has taken place before the completion of the merger. As the transaction is proposed to be implemented by way of a statutory merger of Neles into Valmet, it is also subject to a statutory creditor summons process of Neles' creditors. The Finnish Financial Supervisory Authority has approved the transaction on September 2, 2021. As of September 22, 2021, the transaction was approved by the shareholders of Neles and Valmet. As of October 29, 2021, The Finnish Financial Supervisory Authority approved the supplement to the Finnish language merger and listing prospectus. The completion is expected to occur on or about January 1, 2022, subject to all conditions for completion being fulfilled. As on November 5, 2021, due to the regulatory review processes taking longer than previously estimated, the completion of the merger is now targeted to occur on or before April 1, 2022. Valmet said that its planned takeover of valve maker Neles could be delayed due to regulatory processes. Long stop date is December 31, 2022. As of March 21, 2022, Valmet Oyj and Neles Corporation have received all necessary competition approvals for the transaction and all conditions for the completion, including the dividends expected to be resolved by the Annual General Meetings of Valmet and Neles to be held on March 22, 2022, as well as the extra distribution of funds of Neles expected to be resolved thereafter by the Board of Directors of Neles, are fulfilled or waived. Completion is expected to take place on April 1, 2022.

Valmet is being advised by BofA Securities and Petteri Änkilä, Alexandra Therman, Otto Kattelus, Nicolas Lindfors of Nordea Bank Abp as lead financial advisors, and Hannes Snellman Attorneys Ltd and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisors. Neles is being advised by Morgan Stanley & Co. International plc as lead financial advisor and Access Partners Oy as financial advisor, and Roschier, Attorneys Ltd. and Freshfields Bruckhaus Deringer LLP as legal advisors. Morgan Stanley & Co. International plc and Access Partners Oy provided fairness opinion to Neles and Bank of America Europe Designated Activity Company, Stockholm branch provided fairness opinion to Valmet. Anders Carlberg, Jan Ollila, Jasper Kuhlefelt of Dittmar & Indrenius acted as legal advisors to advise Solidium Oy, the largest shareholder in Valmet.

Valmet Oyj (HLSE:VALMT) completed the acquisition of remaining 70.4% stake in Neles Oyj (HLSE:NELES) from Cevian Capital Partners Limited, Ilmarinen Mutual Pension Insurance Company, Elo Mutual Pension Insurance Company, Keskinäinen työeläkevakuutusyhtiö Varma, Alfa Laval AB (publ) (OM:ALFA) and others on April 1, 2022. Kaarli H. Eichhorn of Jones Day acted as legal advisor to Valmet Oyj in the transaction.


© S&P Capital IQ 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALFA LAVAL AB -2.26% 272.1 Delayed Quote.-23.60%
VALMET OYJ 1.68% 21.18 Delayed Quote.-44.78%
All news about VALMET OYJ
09/28Finland's Valmet to Supply Coated Board Making Line in Asia-Pacific
MT
09/27Valmet Secures Tech Deal for Industrial Paper Company's Containerboard Machine in Vietn..
MT
09/27Valmet Oyj to Supply Key Technology for Cheng Loong's New Board Machine in Vietnam
CI
09/27Valmet Oyj : to supply key technology for Cheng Loong's new board machine in Vietnam
PU
09/27Valmet Oyj : Publishing of Valmet's Interim Review January – September 2022 on Octob..
PU
09/14Valmet Receives Order for Pulp Technology Equipment in Austria
MT
09/08Valmet Oyj : Changes in Valmet's Executive Team
PU
09/08Valmet Oyj Appoints Sami Riekkola as Businessline President, as of October 1, 2022
CI
09/08VALMET OYJ : Changes in management and corporate officers
CO
09/01Valmet's financial reporting in 2023
AQ
More news
Financials
Sales 2022 5 046 M 4 964 M 4 964 M
Net income 2022 337 M 331 M 331 M
Net Debt 2022 305 M 300 M 300 M
P/E ratio 2022 11,3x
Yield 2022 6,10%
Capitalization 3 901 M 3 838 M 3 838 M
EV / Sales 2022 0,83x
EV / Sales 2023 0,76x
Nbr of Employees 17 670
Free-Float 85,7%
Chart VALMET OYJ
Duration : Period :
Valmet Oyj Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends VALMET OYJ
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 5
Last Close Price 21,18 €
Average target price 31,90 €
Spread / Average Target 50,6%
EPS Revisions
Managers and Directors
Pasi Laine President & Chief Executive Officer
Katri Hokkanen Chief Financial Officer
Mikael Mäkinen Chairman
Eriikka Söderström Independent Director
Jaakko-Veikko Eskola Vice Chairman
Sector and Competitors
1st jan.Capi. (M$)
VALMET OYJ-44.78%3 762
NORDSON CORPORATION-14.37%12 144
SUZHOU MAXWELL TECHNOLOGIES CO., LTD.20.56%11 735
WUXI LEAD INTELLIGENT EQUIPMENT CO.,LTD.-36.39%10 411
TOMRA SYSTEMS ASA-39.02%5 229
IHI CORPORATION33.85%3 241