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Finland's Outokumpu Oyj participates in IPO of Talvivaara Mining Company Ltd
Nordic Business Report, May 30, 2007
NORDIC BUSINESS REPORT-30 May 2007-Finland's Outokumpu Oyj participates in IPO of Talvivaara Mining Company Ltd(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com
Finnish stainless steel group Outokumpu Oyj said on Wednesday (30 May) that it had participated in the initial public offering (IPO) of Talvivaara Mining Company Ltd by subscribing for approximately 10.9m shares.
This resulted in a 4.9% ownership in the company on a fully diluted basis, for a total consideration of some EUR32m.
Outokumpu divested the Talvivaara exploration project in 2004 and held an option to subscribe for shares at a 20% discount in a possible IPO, representing up to 5% ownership in the company.
The IPO of Talvivaara Mining Company Ltd has now been completed and the shares have been listed on the London Stock Exchange.
The Talvivaara mine is estimated to start production of nickel and other metals at the end of 2008.
Outokumpu, headquartered in Espoo in Finland, is an international stainless steel company with 9,000 employees in 30 countries and with annual sales of EUR5bn. Outokumpu is listed on the Nordic Exchange in Helsinki.
One British pound (GBP) is worth approximately 1.46 euros (EUR).
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