On October 1, 2013, the Extraordinary General Meeting of Metso decided that Metso will demerge through a partial demerger in such a manner that all of the assets, debts and liabilities relating to Metso’s Pulp, Paper and Power businesses will transfer, without liquidation, from Metso to Valmet. Metso’s other businesses, including, among others, the Mining and Construction as well as the Automation businesses, will remain with Metso. Metso’s shareholders will receive as demerger consideration 1 share in Valmet for each share in Metso owned. No demerger consideration will be issued in respect of own shares held by Metso. The shares in Valmet will be entered in the book-entry accounts of the shareholders on or about December 31, 2013.
Monday December 30, 2013 is the last trading day on which the right to the demerger consideration is included in Metso’s share and its price. From Thursday January 2, 2014 onwards Valmet’s share is traded as a separate share class. In a situation where a shareholder of Metso has sold his/her shares, but the transaction has not been cleared prior to the expected effective date of the demerger (December 31, 2013), the right to the demerger consideration is transferred to the purchaser of the Metso share in accordance with the general market practice, and the demerger consideration will be transferred on the book-entry account of the purchaser together with the purchased Metso shares after the transaction has been cleared. The normal settlement period for stock exchange trades is three banking days.
The future Valmet Corporation is a leading global developer and supplier of services and technologies for the pulp, paper and energy industries.