The Extraordinary General Meetings of shareholders of Metso Corporation (“Metso”) and Outotec Oyj (“Outotec”) approved on October 29, 2019, a combination agreement and a demerger plan pursuant to which Metso’s Minerals business shall transfer to Outotec (the “Combination”), creating a combined company to be named Metso Outotec Corporation. The completion of the Combination is subject to the receipt of all required regulatory and other approvals, including competition clearances.
In addition to the previously announced competition clearance received from the United States Department of Justice in November 2019, Metso and Outotec have to date received competition clearances relating to the Combination from the competition authorities of a number of countries, including Australia, Russia, South Africa, and the Common Market for Eastern and Southern Africa (COMESA).
In line with the previous announcements and considering the progress of the regulatory approval process, Metso and Outotec continue to expect the completion of the Combination to take place on June 30, 2020, subject to the receipt of all required regulatory and other approvals, including pending competition clearances from the European Commission and the competition authorities of certain countries outside of the European Union.