European Commission clears the way for combination of Metso Minerals with Outotec
Metso Corporation and Outotec Oyj have received an unconditional merger control clearance from the European Commission for the combination of Metso’s Minerals business with Outotec through a partial demerger of Metso.
Since both Metso and Outotec issued a press release concerning regulatory approvals for the combination on March 10, 2020, the companies have received unconditional clearances from the competition authorities of a number of other jurisdictions, including Canada, Chile and Turkey.
In line with the previous announcements, considering the progress of the regulatory approval process, Metso and Outotec continue to expect the completion of the combination to take place on June 30, 2020, subject to the receipt of all required regulatory and other approvals, including certain remaining competition clearances.
“We are excited about the unique opportunities this combination will create for our customers, employees and partners globally. We will have an extensive global presence, complementary offering, strong services and a large installed base. We also have excellent people – the best talent in the industry.”said Pekka Vauramo, Metso president and chief executive.
When merged, the new company will have 15,600 employees, and had illustrative 2018 combined sales and adjusted EBITA of €3.9 billion, according to company statements. Metso shareholders will own 78 percent and Outotec shareholders 22 percent of the combined company.
“The combination of Outotec and Metso marks an important milestone in each companies’ histories and in Outotec’s strategic development. I am excited about the many benefits that the combination will deliver for customers, employees and ultimately shareholders, with the larger scale and combined strengths of both companies,” said Markku Teräsvasara, Outotec’s CEO.