Danfoss A/S – Tender Offer for All Shares in Vacon Plc

Castrén & Snellman is representing Danish company Danfoss A/S in a public tender offer concerning Vacon Plc. The total value of the transaction exceeds one billion euros. In connection with the offer, Danfoss acquired all the shares in Vacon held by Vacon’s largest shareholder, AC Invest Three B.V. (a subsidiary of Ahlström Capital), in aggregate 10.56 per cent of all issued shares in Vacon. The combination of Danfoss and Vacon will create a significant global player in the AC Drives market.

It is estimated that Danfoss will publish the tender offer document on 24 September 2014, and the offer period will initially expire on 28 October 2014. Castrén & Snellman will draft the necessary notifications concerning the tender offer for the competition authorities in Finland, Germany, Austria, Russia and China. The completion of the transaction is subject to the approval of the Finnish Ministry of Employment and the Economy required under the Finnish Act on Monitoring Foreign Acquisitions.