Public Takeovers & Tender Offers(en) Archives - Castrén & Snellman

Purmo Group – Project Grand Bidco’s public tender offer on Purmo Group

Public takeover bids are highly regulated processes that put the spotlight on the diligence of both the bidder and the target. The bidder must ensure the equal treatment of shareholders and comply with insider regulations, while the board of directors of the target must at all times promote the interests of all shareholders.

We are an experienced and reliable partner for you at every stage of this multi-step process. We participate actively in drafting legislation and guidelines in this field, for example, the new Finnish Securities Markets Act and the Helsinki Takeover Code.

Advice and process management relating to public takeover bids
Drafting bid documentation
Insider matters
Disclosure and flagging notifications
Guidelines in the event of takeover situations

We regularly assist companies considering making takeover bids and target companies.

The Legal 500, IFLR1000, Chambers Europe and Chambers Global rank our services among Finland’s best.

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Finnish industrial company – Decision to waive prosecution for an occupational safety and health offence

We assisted a major Finnish industrial company and two employees of its safety organisation in criminal proceedings concerning an occupational safety and health offence. The accident occurred at a common workplace where several other employers were also operating at the time of the incident. During the criminal investigation, the police suspected, among other things, two employees of the company of having committed an occupational safety and health offence. The police also investigated the company’s criminal liability. We examined the safety practices applied in the company and the common workplace, and the roles of the companies and individuals involved in the incident. We justifiably argued that our clients had acted diligently with respect to their duties. The prosecutor concluded that there were no grounds to prosecute our clients, so the prosecutor decided not to press charges against the company and its two employees.

Fortum – Sale of recycling and waste business

We are acting as the lead counsel to Fortum in a cross-border transaction in which Fortum is selling its recycling and waste business. The business is sold to thematic impact investing firm Summa Equity through its portfolio company NG Group. The debt-free purchase price is approximately EUR 800 million. The transaction is subject to authority approval and customary closing conditions. Fortum’s recycling and waste business to be sold comprises municipal and industrial waste management and end-to-end plastics, metals, ash, slag and hazardous waste treatment and recycling services. These businesses are located in Finland, Sweden, Denmark and Norway and currently employ approximately 900 employees.

Avesco – Acquisition of Vatupassi Törmälä

We advised Avesco AG in a transaction whereby it acquired all the shares in Vatupassi Törmälä Oy. We also advised Avesco AG in the corporate structuring following the transaction. Vatupassi Törmälä Oy is a Finnish equipment rental company specialising in the rental of construction equipment. It has offices in five locations in Central Finland. Avesco AG is a family owned, leading machinery rental company in Switzerland. The company employs over 1,100 employees in Switzerland, Austria, Finland and the Baltics. Avesco AG is also the official partner of machinery manufacturer Caterpillar. After the transaction Avesco Rent Oy and Vatupassi Törmälä Oy will be merged and the operations are continued under the Vatupassi brand.

Finnish construction company – Decision to waive prosecution in an occupational safety and health offence matter

We represented a prominent Finnish construction company that was involved in an occupational safety and health offence matter. The company was the project supervisor and main contractor in a joint building site where a workplace accident occurred. The criminal investigation examined the personal criminal liability of the site manager employed by the company and the criminal liability of the company. We investigated and analysed the course of events, the actions of the parties concerned and the company’s occupational safety and health practices. In the final statement we argued that the company and site manager had complied with all occupational safety and health regulations. Based on our arguments, the prosecutor deemed that there were no likely causes to support the suspected offence, decided not to prosecute the employee of the company and waived the corporate fine claim against the company.

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