Business Services Industry
Finnish state sells 30.2% of Partek Corporation to KONE Corporation
Nordic Business Report, May 22, 2002
NORDIC BUSINESS REPORT-22 May 2002-Finnish state sells 30.2% of Partek Corporation to KONE Corporation (C)1994-2002 M2 COMMUNICATIONS LTD http://www.m2.com
The Finnish ministry of trade and industry issued a brief statement today (22 May) saying that the Finnish government had during the night approved KONE Corporation's tender offer for all state-owned shares in the engineering company Partek Corporation.
The state was to sell a total of 14,721,835 shares, representing 30.2% of the share capital and votes in Partek, for EUR225m. As part of the transaction the state would acquire B shares in KONE representing 4.7% of the share capital, the ministry said.
"The transaction will result in a new major company engaged in the Finnish engineering industry, which has excellent prerequisites for success in international competition. The large size will provide the company with significant effectiveness-related benefits in its global activities. The company will have a leading market position in numerous business sectors as well as the necessary economic preconditions for contributing to industrial know-how and thereby to employment in Finland," the ministry said.
KONE has said that it intends to extend its offer to include all outstanding shares in Partek, and that its intention is the long-term development of Partek as an independent subsidiary.
Partek's management has expressed its opposition to KONE's acquisition of the company and yesterday presented a plan to merge with KCI Konecranes International Plc.
((Comments on this story may be sent to nbr.feedback@nordicbusinessreport.com))
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