Following the transaction concluded with German steel giant ThyssenKrupp for the divestment of Italian mill Terni and the high performance alloy unit VDM, Finland-based stainless steel producer Outokumpu has stated that with this arrangement the company has secured the best possible price on Terni and VDM under the circumstances. The consideration for the transaction for both business units is higher than the market estimates in the past months.
Additionally, ThyssenKrupp agreed to sell its 29.9 percent shareholding in Outokumpu due to the requirement of the European Commission regarding buyer suitability for the Terni remedy assets that restricts ownership between Outokumpu and ThyssenKrupp. ThyssenKrupp agreed the price of the shares with the buyers and Outokumpu emphasized that it was not a party to the sale of the shares.