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[August 2002]
EC Approves Kone's Acquisition of Partek
According to Kone Corporation and its Stock Exchange release published on 2 August 2002, the European Commission has decided not to oppose Kone's acquisition of Partek. The decision was made in accordance with the simplified procedure.The public tender offer for the shares and securities in Partek Corporation is conditional on, in addition to the approval now obtained, a similar approval required for example in the USA.
Partek is a leading engineering company with net sales of 2.7 billion euro and 12,500 employees. One of the Partek businesses is Nordkalk which, amongst other things, produces wollastonite in its Lappeenranta facility for use in the ceramic, plastic and metallurgical industries.
By 7 August 2002, approximately 6,570 - or some 65% - of the shareholders in Partek had accepted Kone's public tender offer for the shares and securities. These shareholders hold around 85% of the shares and votes of Partek.
ENDS