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2010-10-12 16:30:00 CEST 2010-10-12 16:30:23 CEST REGULATED INFORMATION Rautaruukki - Company AnnouncementRautaruukki waives vendor note from Ovako in return for share in the company and writes down EUR 33 millionRautaruukki Corporation Stock exchange release 12 October 2010 at 17.30 Rautaruukki is to waive EUR 33 million of the vendor note relating to the divestment of Ovako in 2006 in return for ownership of around 2.2 per cent in the company and will write down around EUR 33 million. The divestment of Rautaruukki Corporation's associated company Oy Ovako Ab was completed in November 2006. Rautaruukki had a 47 per cent holding in the company. As part of the transaction, Rautaruukki received an interest-bearing vendor note from Ovako. In August 2010, private equity investor Triton signed an agreement under which it acquired the entire share capital of the Bar, Bright Bar and Tube and Ring companies, which were part of Ovako. On the basis of the arrangement, Rautaruukki is to waive the vendor note dating from 2006 in return for a security entitling it to ownership of around 2.2 per cent in Ovako. Consequently, Rautaruukki will write down around EUR 33 million. For further information please contact: Mikko Hietanen, CFO, tel. +358 20 592 9030 Markku Honkasalo, VP Financing, tel. +358 20 592 8840 Rautaruukki Corporation Anne Pirilä SVP Communications and Investor Relations Rautaruukki supplies metal-based components, systems and integrated systems to the construction and engineering industries. The company has a wide selection of metal products and services. Rautaruukki has operations in 27 countries and employs 11,700 people. Net sales in 2009 totalled EUR 2.0 billion. The company's share is quoted on NASDAQ OMX Helsinki (Rautaruukki Oyj: RTRKS). The Corporation uses the marketing name Ruukki. DISTRIBUTION: NASDAQ OMX Helsinki Main media www.ruukki.com [HUG#1451220] |
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