diese meldung war einen 9%-Sprung wert:
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UPDATE - Boliden buying Outokumpu assets for $815 mln
Monday September 8, 9:37 am ET
By Alistair Holloway
(Releads, adds details paras 4-6; updates shares para 7)
HELSINKI, Sept 8 (Reuters) - Sweden`s Boliden is buying metal assets worth 736 million euros ($814.9 million) from Finland`s Outokumpu in a move to create one of the world`s top smelting and mining firms in a consolidating sector.
In a complex deal, Boliden -- whose activities include mining, smelting and exploration -- will finance the acquisition through the issue of new stock, some of which will be bought by Outokumpu to give it a 49 percent stake in the enlarged firm.
"The transaction is industrially logical and is fully justified in view of the continuing consolidation of the global mining and smelting industry," Boliden Chief Executive Jan Johansson said in a statement.
The merger comes at a time of other planned takeovers in the metals industry as producers seek to cut unit costs and reduce oversupply. Zinc smelters and mines have been hit especially hard in the last few years due to sliding prices.
Under the deal, Boliden will buy Ireland`s Tara zinc mine, zinc and copper smelters in Finland and Norway plus a Dutch unit. Boliden said it will be one of the top smelting firms globally, and become the world`s fourth-largest zinc miner.
Analysts welcomed the deal, which allows both companies to focus better on their core businesses, while also lightening Outokumpu`s debt.
Outokumpu shares, which initially jumped to a 12-month high of 10.25 euros on the news, were up 1.2 percent at 9.87 euros by 1303 GMT. Boliden (Stockholm:BOL.ST - News) stock was up 5.5 percent at 28.90 Swedish crowns, having touched a 13-month high of 31 crowns.
MINORITY OWNERSHIP
At a Stockholm news conference, Outokumpu Deputy Vice President Risto Virrankoski said the firm did not want majority control of Boliden, but the size of the stake it is taking was necessary for proper financing of the deal.
Outokumpu will book a capital gain from the transaction and cut its gearing, or debt to equity, level by some 40-50 percentage points from the hefty end-June level of 158 percent.
Analysts said the move made strategic sense for both firms but more details and calculations are needed to say if it is beneficial for Boliden.
"This is positive news in the longer term. Outokumpu will be able to concentrate on the stainless and more advanced products and get rid of businesses that they have been selling for a long time," said Conventum Securities analyst Kaisa Ojainmaa.
She rates Outokumpu stock "accumulate".
Along with the share issue to Outokumpu, Boliden plans a 150 million euros rights issue at a 25 percent premium to its closing level on Friday. Outokumpu will take part in the issue.
The "new" Boliden expects pro forma net sales this year of 1.6 billion euros. Annual synergies are estimated at 25-20 million, taking full effect in 2005. The figure is minus cost synergies and could rise.
The deal is expected to wrap up this year and Boliden CEO Johansson told Reuters he doesn`t expect any objections on competition grounds.
Enskilda Securities is advising Boliden and Alfred Berg is advising Outokumpu.
(Additional reporting by Kim Mclaughlin and Niklas Pollard in Stockholm with Ott Ummelas in Helsinki)
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