Atlas Copco to buy outstanding 49% in Atlas Copco (India) Ltd.
6 dec 2002
Stockholm, Sweden, December 6, 2002 - Atlas Copco AB has today informed the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) of its intention to voluntarily acquire 49.01% of outstanding shares aggregating 5,528,844 of equity shares with the public in its Indian subsidiary, Atlas Copco (India) Ltd, subject to statutory approval.
The offer price is Rs 243 per share, which is more than a 40% premium compared to the 26-week average of the closing high-low price quoted on the NSE. The offer is scheduled to open on January 29, 2003 and close on February 27, 2003. Commenting on the offer Staffan Nordin, Group Treasurer, Atlas Copco AB says, “The offer provides an opportunity to shareholders to make an appropriate choice in the prevailing environment to exit at an attractive premium. This offer is in line with our global philosophy of owning 100% holding in our subsidiaries worldwide”. Atlas Copco AB and its affiliates currently holds 50.99% of the equity share capital of Atlas Copco (India) Ltd. CONTACT: Staffan Nordin, Group Treasurer +46-8-743 8183, e-mail: [email protected] Annika Berglund, Senior Vice President Group Communications +46-8-743 8070, e-mail: [email protected] Atlas Copco is an international industrial Group with its head office in Stockholm, Sweden. In 2001, the Group had revenues of SEK 51 billion (EUR 5.4 billion), with 98% of revenues outside Sweden, and close to 26,000 employees. The Group produces and markets compressed air equipment and generators, construction and mining equipment, electric and pneumatic tools, and assembly systems and offers related service and equipment rental. The Atlas Copco Group includes famous brands such as Atlas Copco, RSC, Milwaukee Electric Tool, Chicago Pneumatic, and AEG Power Tools. More information can be found on the web site: www.atlascopco-group.com.