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Alcohol producer Altia to merges with Norway's Arcus
Published : 30 Sep 2020, 00:14
Updated : 30 Sep 2020, 00:16
Finnish alcoholic beverage producer Altia Corporation and Norwegian Arcus ASA announced on Tuesday their plans for a restructuring arrangement aimed at merging the companies into one.
The Ministerial Committee on Economic Policy has discussed the matter and is in favour of the draft terms of the merger, said a government press release.
The matter will be discussed at the government’s plenary session in October-November.
“I am pleased that the resulting company will be Finnish and will have its headquarters in Helsinki. In addition, the company’s share will be listed only on NASDAQ OMX Helsinki and its chief executive officer will be Finnish,” said Minister for European Affairs Tytti Tuppurainen, who is also responsible for ownership steering.
The current chair of the Arcus Board of Directors will become the chair of the Board of Directors of the new company, while the current chair of Altia Board of Directors will be its vice-chair.
The Finnish state will be the second-largest shareholder in the new company, with an estimated holding of 19.4 per cent.
Canica, the main owner of Arcus will become the largest shareholder, with an estimated holding of 22.4 per cent.
An estimated 11.6 per cent stake in the new company will be held by Altia’s nearly 20,000 private investors. The involvement of Finnish private investors was considered important when Altia was listed on the bourse.
“This is a balanced merger of two equal companies. In the new company, Finnish raw materials and responsible production will play a key role. Both of Altia’s production plants – the Rajamäki alcoholic beverage plant and the Koskenkorva distillery – will continue their operations,” added Tuppurainen. The final decision on the merger will be made at the general meetings of Altia and Arcus, which are expected to take place in November 2020. The final content and implementation of the merger require the approval of the Finnish Competition Authority, which is expected to take three to nine months.
Altia and Arcus currently employ some 1,100 people. Their combined turnover (business volume) last year was 640 million euros.