This time it was Neles, a valve manufacturer that recently merged from Metso, which merged with Outotec into its own listed company, and is swimming in the wounds of the Swedish engineering group Alfa Laval.
Compared to the Four, Alfa Laval has left, with a turnover of almost EUR 5 billion, while the turnover of the Four last year has been calculated at EUR 660 million.
Read more: Swedish company Alfa Laval offers EUR 1.7 billion from Neleks
The merger is justified by acquisitions with the stiffer shoulders offered by Alfa Laval, which has expanded to more than 17,000 employees.
As in the case of large acquisitions, Alfa Laval's cash offer includes a reasonable overcharge, ie a premium, which enriches the Finnish owners of Neles.
These include the largest owner, the engineering company Valmet, as well as the pension insurance companies Ilmarinen, Varma and Elo. Valmet announced that it would not acquire a 14.9 percent stake in Neleks from the state-owned company Solidium until last month.
Valmet's position is interesting. The Board of Directors of Neleks recommends the acceptance of the tender offer. However, Valmet, which according to investor communications was an Alfa Laval insider project, has no representation on the Board and does not comment further on the offer at this stage.
Alfa Laval was confirmed today that there has been no contact with the largest owner of Neles.
In early July, Valmet asked Nelesi to convene an Extraordinary General Meeting. Valmet proposes that the number of members of the company's Board of Directors be increased by one and that Jukka Tiitinen be appointed as a new member.
Jukka Tiitinen works at Valmet as Vice President, Asia Pacific.
According to the agreement with Solidium, Valmet also does not have permission to sell the shares of Neleks for one year without the Solidium brand.
Just over ten of Neleks are owned by Swedish activist investor Cevia, who has previously been influential in the background when Valmet split Metso into its own company. For that, the fusion is well suited.