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Outokumpu to fund Inoxum acquisition through share issue

Wednesday, 07 March 2012 15:55:06 (GMT+3)   |  
       

Finland-based stainless steelmaker Outokumpu has announced the terms and conditions regarding its planned €1 billion share issue.

The proceeds from the share issue to be undertaken by the board of directors will be used to fund the cash payments related to the acquisition of Inoxum, the stainless unit of the German steel giant ThyssenKrupp, providing that the transaction is completed. If Outokumpu does not go through with the Inoxum transaction, it will seek to return as much of the net proceeds from the share issue to its shareholders as is possible while preserving an appropriate capital structure.
 
According to Outokumpu's statement, the subscription period will begin on March 15 and end on April 4 and the subscription price for each new share will be €0.79.


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