Castrén & Snellman advised J.P. Morgan, Nordea, BNP Paribas and Crédit Agricole, the managers and underwriters in one of Finland’s largest rights issues of all time.
According to Outokumpu’s stock exchange release, the purpose of the rights issue is to fund part of Outokumpu’s acquisition of Inoxum, the stainless steel and high performance alloys business of ThyssenKrupp.
In the transaction, Inoxum is valued at 2.7 billion euros. The total consideration for Inoxum is comprised of a cash payment, Outokumpu shares to be issued to ThyssenKrupp and a loan note. As part of the transaction, Outokumpu will also assume certain pension and other liabilities of Inoxum.
The cash payment for the transaction will be financed with a one billion euro rights issue, which has been fully underwritten through subscription commitments by Solidium, the Social Insurance Institution of Finland and Ilmarinen, as well as through underwriting commitments of the managers. The rights issue is one of the largest ever in Finland.
C&S provided legal advice in relation to Finnish law to all four managers of the rights issue. The team included partners Merja Kivelä and Juha Koponen, associates Tuija Näräkkä, Anna-Maarit Laurila and Thomas Landell, as well as in-house translator Aksu Tuominen, among others.
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