Metso demerger approved at EGM
Following an extraordinary general meeting (EGM), Metso Corporation has announced it will demerge Metso into two companies.
Metso’s Pulp, Paper and Power business will be transferred to the new company, Valmet Corporation, and the Mining and Construction and Automation business will remain part of Metso.
The decisions of the EGM - including the board of directors for both companies - will be effective as of the registration date for the completion of the demerger, which is expected to be 31 December 2013, when the terms of office of the new boards of directors will also start.
As part of the demerger decision, the EGM approved Valmet’s Articles of Association and decided to reduce Metso’s share capital by an amount equivalent to Valmet’s share capital, ie, €100,000,000 to €140,982,843.80. The capital represented by the reduction in Metso’s share capital will be used to distribute funds to Valmet.
More details about the demerger are available here.
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