Finland's Uponor says Aliaxis bid attracting rival interest (updated)
24/05/2023 12:01
(Adds Georg Fischer response, Aliaxis comment and Uponor share
price from paragraph 7)
By Louise Rasmussen and Elviira Luoma
COPENHAGEN, May 24 (Reuters) - An unsolicited bid for
plumbing and heating systems maker Uponor UPONOR.HE by
Belgium's Aliaxis BE0941243520.BR has drawn the attention of
other potential bidders, a board member at the Finnish group
said.
Water management group Aliaxis on Monday made an all-cash
offer for Uponor worth 1.87 billion euros ($2.06 billion), a 3%
increase over the Belgian group's initial bid last month.
Uponor has rejected both offers, arguing they were
insufficient, even as Aliaxis has bought a 20% stake in the
company.
"It's a question of value. It's a question of maximizing
shareholder value. Maximizing the wealth of Uponor's owners,"
said Hans Sohlstrom, an Uponor board member who leads the
Finnish group's response to the Aliaxis bid.
The Belgian bids had attracted widespread attention, he
added.
"Practically everyone globally in this industry is aware of
the situation and of course, anyone who had any type of interest
in Uponor understands that this is the time to act," Sohlstrom
said.
Uponor's share price rose 1.0% by 1030 GMT to 28.40 euros,
trading about 10% above the Aliaxis bid of 25.75 euros.
Aliaxis CEO Eric Olsen on Monday said he did not think any
rival bidders would offer the same level of synergies for Uponor
as his company.
"As well, it is not easy from a potential alternative
bidder's perspective having Aliaxis as a long-term shareholder
owning more than 20% of the company," he said.
An Aliaxis spokesperson declined to comment further on
Wednesday.
Swiss industrial group Georg Fischer AG GF.S is also
exploring a potential offer for Uponor, potentially leading to a
bidding war for the Finnish company, Bloomberg News reported on
Tuesday, citing unnamed sources.
"We do not comment on rumors," Georg Fischer said when
contacted by Reuters on Wednesday.
($1 = 0.9084 euros)
(Reporting by Elviira Luoma, Louise Rasmussen, editing by Terje
Solsvik and Emelia Sithole-Matarise)
((Louisebreusch.rasmussen@tr.com ; +45 21 27 97 79))