ThyssenKrupp has completed the combination of its stainless steel business Inoxum with the Finnish company Outokumpu.
With closing of the deal ThyssenKrupp will receive EUR 1 billion in cash from Outokumpu for Inoxum.
In addition Outokumpu will assume external debt of Inoxum in the amount of around EUR 133 million. This will lead directly to a significant reduction in ThyssenKrupp's net financial debt.
Outokumpu will also assume pension liabilities of around EUR 338 million. ThyssenKrupp will additionally receive a loan note from Outokumpu with a current value of around EUR 1.25 billion and a 29.9% stake in the new company.
As announced at the start of the year the transaction before the end of 2012. Dr Heinrich Hiesinger CEO of ThyssenKrupp said that "As promised we have implemented the portfolio measures announced in May 2011 within the timeframe we set ourselves. We have taken a further important step in leading ThyssenKrupp into a successful future."
Source:
http://www.steelguru.com/stainless_steel_news/Combination_of_Inoxum_and_Outokumpu_implemented/296760.html
