Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The completion of the partial demerger decided by Metso Corporations’s Extraordinary General Meeting held on October 1, 2013 has been registered with the Finnish Trade Register today, December 31, 2013.
The Extraordinary General Meeting held on October 1, 2013 decided to approve the partial demerger in accordance with the demerger plan signed by Metso’s Board of Directors on May 31, 2013. According to the demerger plan, Metso has demerged its businesses through a partial demerger, transferring all the assets, debts, and liabilities relating to Metso’s Pulp, Paper and Power businesses, without liquidation, from Metso to Valmet Corporation. Metso’s Mining and Construction and Automation businesses remain part of Metso. Following the completion of the demerger, Valmet is an independent public limited company, separate from Metso.
As a result of the registration of the completion of the demerger, the terms of office of the following members of Metso’s Board of Directors has ended: Jukka Viinanen, Mikael von Frenckell, Erkki Pehu-Lehtonen and Pia Rudengren. In accordance with the decision made by the Extraordinary General Meeting on October 1, 2013, the composition of the Metso’s Board of Directors following the registration of the completion of the demerger is as follows: Mikael Lilius (Chairman), Christer Gardell (Vice Chairman) and Ozey K. Horton, Jr., Wilson Nélio Brumer, Lars Josefsson, Nina Kopola and Eeva Sipilä. As the new Chairman of Metso’s Board of Directors Mikael Lilius will serve as the Nomination Board’s member as Jukka Viinanen’s terms of office has ended.
As part of the partial demerger, Metso’s shareholders have received one (1) Valmet share for each of their Metso shares as a demerger consideration. No demerger consideration was issued in respect of own shares held by Metso. As a result, the number of Valmet shares given as a demerger consideration was 149,864,619. The completion of the demerger does not affect the listing of Metso shares on the official list of NASDAQ OMX Helsinki Ltd.
The Finnish language demerger prospectus approved by the Finnish Financial Supervisory Authority, together with an unofficial English translation, has been available on Metso’s website www.metso.com/demerger, since September 23, 2013.
