Belgium-based Aliaxis has today, on 17 April 2023, made a non-binding intention to acquire all Uponor’s shares through a public tender offer.
Oras Invest as the largest owner of Uponor (25.7%) has evaluated the potential offer for its own part according to its normal procedures.
“Uponor is a strategic ownership for Oras Invest. The company has a capable management and a recently renewed strategy to drive profitable growth and significant long-term value creation. An offer by a qualified industrial company like Aliaxis highlights the strong performance and further potential of Uponor. However, Oras Invest believes that the company is on track to further deliver considerable value to its shareholders as an independent company and continuing to support Uponor as a long-term shareholder is in line with our ownership strategy. Therefore, Oras Invest will not accept the potential offer by Aliaxis, which in our opinion does not reflect the full value potential of Uponor”, says Ville Kivelä, Chief Investment Officer (CIO), Oras Invest.
Based on the evaluation, Oras Invest has concluded that the potential offer does not reflect the full value of Uponor. Our intention is therefore not to accept the potential offer by Aliaxis.
Oras Invest’s strategy is guided by sustainable value creation through economic cycles, and it is ready to support this strategy with firm actions. Committed ownership, long-term development and value creation are permanent factors of company’s strategy. Uponor is a long-term ownership of Oras Invest; Oras Invest has been the largest owner of the company since 1999.
For further inquiries, please contact:
Ville Kivelä, CIO, Oras Invest
Anniina Myllyperkiö, Executive Assistant, Oras Invest, Tel. +358 10 2868 100, [email protected]
Oras Invest is a family company focused on industrial ownership. The roots of Oras Invest lie in family entrepreneurship: the faucet company Oras was founded in 1945. Our focus is on industrial companies, that operate in the building, water and bio-based materials value chains or in closely related sectors. We develop our companies through active board work and close cooperation with management, as well as with other significant owners. Our current industrial ownerships are Oras Group, Uponor, Kemira and Valmet. The net asset value of Oras Invest was EUR 1.3 billion at the end of 2022.
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