Swedish high-technology engineering and steelmaking group Sandvik has announced that its board of directors has been authorized to issue new shares and that the public offer to the minority shareholders of its subsidiary Seco Tools, one of the world's largest manufacturers of innovative metal-cutting tools, will be completed.
Sandvik made a public offer to acquire all the remaining shares in Seco Tools, offering 1.2 Sandvik shares for each class B Seco Tools share. Sandvik's board of directors will issue 69,195,888 new shares in the company as consideration for Sandvik's acquisition of shares in Seco Tools.