Sandvik announces public offer for Seco Tools AB
Sandvik has made a recommended public offer to acquire all remaining shares in its subsidiary Seco Tools AB. The total offer value for all shares in Seco Tools, not held by Sandvik, is approximately SEK 6.2 billion. The offer values Seco Tools in its entirety at approximately SEK 15.6 billion.
Sandvik is a global industrial group with advanced products and world-leading positions in selected areas – tools for metal cutting, equipment and tools for the mining and construction industries, stainless materials, special alloys, metallic and ceramic resistance materials as well as process systems. In 2010, the Group had about 47,000 employees, representation in 130 countries and annual sales of nearly SEK 83 billion. The company is listed on NASDAQ OMX Stockholm.
Seco Tools is one of the world’s largest manufacturers of cutting tools. In 2010 the group had about 5,300 employees, representation in about 60 countries and annual sales of approximately SEK 5.9 billion. The company is listed on NASDAQ OMX Stockholm.
Mannheimer Swartling is advising Sandvik in connection with the offer. The firm’s team includes Anders Lindblad, Thomas Wallinder, Nils Nostell, Louise Kolmodin, Adam Göransson, Jessica Holm and Josefin Westin. Karin Attorps is advising on tax law issues.