Finnish engineering group Metso said the planned merger of its main minerals technology business with smaller rival Outotec remains on track to be completed mid-year, as it has received fresh competition clearances from a number of countries, including the US, Australia, Russia, South Africa, and the Common Market for Eastern and Southern Africa (COMESA).
The new company, to be called Metso Outotec, will be one of
the leading technology suppliers to mining and minerals processing companies, Metso
said when announcing the deal last year. The merged entity is expected to
combined sales of 3.9 billion euros ($4.4 billion), based on 2018 figures.
The merger is expected to enable cost savings of at least
100 million euros and revenue synergies, stemming from cross-sales
opportunities, of at least 150 million euros a year.
Once the merger is completed, Metso shareholders will own about
78% of the shares and votes in Metso Outotec, with existing Outotec
shareholders holding the balance.