Valmet and Neles announced on July 2, 2021 that their Boards of Directors have agreed upon the combination of the two companies by signing a combination agreement and a merger plan, according to which Neles shall be merged into Valmet through a statutory absorption merger in accordance with the Finnish Companies Act whereby all assets and liabilities of Neles shall be transferred without a liquidation procedure to Valmet. The shareholders of Neles shall receive new shares in Valmet in proportion to their shareholdings in Neles as merger consideration. On August 9, 2021, the Boards of Directors of Valmet and Neles have proposed that the Extraordinary General Meetings of Valmet and Neles, convened to be held on September 22, 2021, resolve upon the Merger as set forth in the Merger Plan.
The Finnish Financial Supervisory Authority has approved the merger prospectus concerning the Merger (the “Merger Prospectus”) prepared for the issuance of the Merger Consideration Shares to Neles’ shareholders. An English language translation of the Merger Prospectus and a Swedish language translation of the summary of the Merger Prospectus will be notified to the financial supervisory authority in Sweden.