WOOD Flash – Mytilineos: new group structure and merger with METKA
Yesterday (14 December), Mytilineos announced a major corporate restructuring, with the merger into a single entity of all the main group companies. The main part of the deal is the merger of 50% subsidiary METKA (HOLD, PT EUR 7.6/share) with Mytilineos. In our view, the merger should be welcomed by Mytilineos’ shareholders, and we expect a positive market reaction in today’s trading. For METKA, we expect the shares to converge today to the price of Mytilineos; thus, we should see some pressure in the stock price today. Longer term, we believe that the new group structure will be very positive as it should simplify the structure, create operational synergies and improve funding costs.Mytilineos Holdings is an industrial group engaged in the sectors of Metallurgy, EPC, Energy, and Defence. Co. and its subsidiaries are engaged in three main operating business segments: Metallurgy, Constructions and Energy. Co. and its subsidiaries monitor its performance on Metallurgy and Mining Sector through the subsidiaries Aluminium S.A. (Alumina-Aluminium) and Sometra S.A. (Zinc-Lead). Co., through its subsidiary, METKA S.A., is an EPC Constructor in Greece.
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