On June 18, 2020 The Competition Commission of India(CCI) approved the acquisition of Metso Oyj’s (Metso) minerals business by Outotec Oyj (Outotec) under section 31(1) of the Competition Act, 2002.
- The proposed combination is subject to changes made by the parties, under Regulation 25 (1A) of the Competition Commission of India (procedure relating to business transactions related to combinations) Regulations, 2011.
i.All the assets, rights, debts, and liabilities of Metso that relate to, or primarily serve, its minerals business will be acquired by Outotec
ii.The combination will be achieved through a partial demerger of Metso Minerals as per the Finnish Companies Act.
iii.The Metso’s shareholders will receive newly issued shares in Outotec and hold the majority of the new entity’s shares(about 78%), in exchange for the transfer of Metso Minerals to Outotec
iv.The remaining shares will be held by Outotech’s shareholders. The combined entity will operate under the name Metso Outotec.
v.Rest of Metso’s business, i.e.Metso’s flow control business(essentially valves for process industries) will remain independent under the name of ‘Neles’.
It is a public limited liability company incorporated and registered under the laws of Finland. The Outotec Group has 2 registered entities in India: Outotec India Private Limited and Larox India Private Limited. Outotec comprises three business units namely; minerals processing, metals refining and services.
President & Chief Executive Officer(CEO)– Markku Teräsvasara
It is also a public limited liability company, incorporated and registered under the laws of Finland. Metso has two registered entities in India namely, Metso India Private Limited and RMEBS Controls Private Limited. Metso’s business comprises four units: Mining, Aggregates, Valves for process industries, Recycling.
President and CEO– Pekka Vauramo
Chairperson: Ashok Kumar Gupta
Headquarters: New Delhi