Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Georg Fischer makes rival bid for Finland’s Uponor, driving up shares

Georg Fischer makes rival bid for Finland’s Uponor, driving up shares

By Louise Rasmussen

COPENHAGEN (Reuters) – Swiss industrial group Georg Fischer (GF) on Monday made a rival offer for plumbing and heating systems maker Uponor, driving up the Finnish group’s shares with a premium over a bid from Belgium’s Aliaxis.

GF’s offer of 28.85 euros per share valued Uponor at 2.1 billion euros ($2.26 billion), a 12% premium to Aliaxis’ 25.75 euro bid, but the Finnish group’s shares rose further to 29.38 euros, suggesting more bids may still come.

While GF could integrate Uponor even if only a narrow majority of shareholders accept the bid, the Swiss group would prefer owning 100% of the Finnish company, CEO Andreas Muller said.

“We intend ultimately to fully acquire Uponor, we would not assume having a minority investor such as Aliaxis,” Muller told analysts attending a conference call.

Uponor’s board, which had rejected the Aliaxis offer, said in a joint statement with GF that it recommended that shareholders accept the Swiss company’s bid.

Some 36.9% of Uponor’s shareholders had agreed to sell to Georg Fischer, including top owner Oras Invest with a stake of 25.7%, Uponor and GF said.

Through the combination agreement with GF, Uponor has committed to discussing any future competing offers with GF, and will ask the Swiss group to improve its bid before proceeding with any others.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

“We are now committed to this combination with GF and we are also committed to not look for other options. We are now engaged in making this deal happen,” said Hans Sohlstrom, an Uponor board member who leads the Finnish group’s response to the bids.

Aliaxis, which holds a 20% stake in Uponor, did not immediately respond to a request for comment.

Uponor last month said the unsolicited offer from the Belgian group had drawn the attention of other potential bidders.

Shares in Uponor were up 6.9% at 1153 GMT, while GF shares rose 3.0%.

($1 = 0.9308 euros)


(Reporting by Louise Rasmussen and Terje Solsvik; Editing by Jacqueline Wong, Rashmi Aich and Nick Zieminski)


Recent Post: