On Air Now

Tune in to Listen

99.9 FM Hibbing, MN

Weather

Current Conditions(Hibbing,MN 55746)

More Weather »
61° Feels Like: 61°
Wind: SSW 9 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Tonight

Mostly Cloudy 51°

Tomorrow

Thunderstorms 65°

Fri Night

Thunderstorms 58°

Alerts

  • 0 Severe Weather Alerts
  • 0 Cancellations

VDM sale attracts bids from financial investors, paper

Finnish stainless steel company Outokumpu's headquarters is seen in Espoo, Finland February 1, 2012. REUTERS/Jussi Nukari/Lehtikuva
Finnish stainless steel company Outokumpu's headquarters is seen in Espoo, Finland February 1, 2012. REUTERS/Jussi Nukari/Lehtikuva

FRANKFURT (Reuters) - Finnish stainless steelmaker Outokumpu's efforts to sell VDM, its high-performance alloys business, has attracted preliminary bids mainly from private equity firms such as Triton, Apollo and KPS Capital, a German daily reported.

Handelsblatt said in a report due to be published on Monday, citing financial sources, that the bids were in the high three-digit million euro range, below the 1 billion euro ($1.3 billion) level Outokumpu had in mind.

A decision will be made soon on selection of a short-list of candidates, it said.

VDM is part of stainless steel producer Inoxum, which German steelmaker ThyssenKrupp sold to Outukumpu last year.

In May this year, Outokumpu said it might sell VDM, indicating it was struggling to turn a profit from its acquisition of Inoxum.

($1 = 0.7693 euros)

(Reporting By Marilyn Gerlach)

Comments