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Tubinoxia Becomes Majority Stakeholder in Tubular Joint Venture with Outokumpu
01/18/2013 - Outokumpu’s partner in the OSTP tubular joint venture, Tubinoxia S.r.l. has exercised its call option and acquired additional 15% of the joint venture’s shares from Outokumpu.
Outokumpu’s partner in the OSTP tubular joint venture, Tubinoxia S.r.l. has exercised its call option and acquired additional 15% of the joint venture’s shares from Outokumpu. Tubinoxia, an Italian company controlled by Andrea Gatti, has thus increased its ownership in OSTP from 36% to 51%.
The OSTP joint venture was formed in July 2011 when Outokumpu decided to exit from the tubular business as part of its restructuring program. Outokumpu remains as a minority shareholder with a 49% stake in the joint venture.
The consideration and cash flow impact of this transaction are marginal, Outokumpu stated.
