Sandvik AB, a large Swedish mining firm, won the battle against another Swedish mining giant, Svedala, over Oy Tampella Ab, a Finnish metals company. In April Svedala announced that it planned to make a tender offer for Tampella's shares in the near future. The announcement launched a hard race for the Tampella shares. It ended in May with Sandvik's victory, as Sandvik managed to raise its ownership to 48.2 per cent.
Tampella will now be formed into a subsidiary of Sandvik through a share arrangement after which Sandvik will own 57 per cent of Tampella. Tampella's last year turnover was around 1 billion U.S. dollars, and Sandvik's was around 4.5 billion U.S. dollars. Sandvik is believed to have used around 150 million U.S. dollars in its fight for Tampella.
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14 June 1996