Company News, 2014-02-28, 01:36 PM
Transfer of VDM and AST from Outokumpu to ThyssenKrupp completed
The transfer of VDM and AST from Outokumpu to ThyssenKrupp is now officially completed. The transaction includes the transfer of ThyssenKrupp’s subordinated financial receivable (“loan note”) created as part of the Inoxum transaction to Outokumpu. In exchange, ThyssenKrupp is taking over the companies VDM, AST, and a number of European service centers.
As part of the transaction ThyssenKrupp is also fully divesting its 29.9 percent shareholding in Outokumpu and terminating all further financial links with Outokumpu. With this transaction ThyssenKrupp is averting further value adjustments of its financial receivable and avoiding potential additional financial impacts from the previously associated company Outokumpu. The swap enables Outokumpu to fulfill the EU Commission's conditions within the required period in a way that preserves asset value.
European merger control authority had only approved the original sale of ThyssenKrupp’s stainless steel business Inoxum to Outokumpu subject to the divestment of AST's stainless steel plant in Italy and several European service-centers.
ThyssenKrupp will now further develop the companies VDM and AST and take the necessary time to define optimal strategic options for the companies together with the local management teams. In order to best benefit from ThyssenKrupp’s market presence the transferred companies will be integrated into ThyssenKrupp’s Material Services business area.