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UPDATE 1-Outotec bids 93 mln euro for Finland's Larox

Published 10/15/2009, 02:29 AM
Updated 10/15/2009, 02:33 AM

* Deal to bolster product portfolio

* Offers 0.45 shares for each Larox A share

* 0.40 shares for each Larox B share

* Transaction values Larox at some 93 million euros

(Adds quote, details)

HELSINKI, Oct 15 (Reuters) - Finnish mining technology firm Outotec Oyj launched a 93 million euro ($139 million) takeover bid for Finnish industrial filter maker Larox on Thursday to bolster its product portfolio.

"By combining our respective sales and service networks and product portfolios we can provide even more comprehensive solutions and services for minerals concentrators and metallurgical plants," Outotec said in a statement.

The firm said it had agreed to buy shares from Larox's main owners totalling 94.4 percent of votes and 61.9 percent of the firm's B-series shares, and would launch a mandatory bid for outstanding shares once necessary approvals were received.

It said its share offer -- 0.45 shares for each unlisted Larox A share and 0.40 shares for each Larox B share -- values Larox at 93 million euros.

It said the deal would not have a significant effect on 2010 earnings per share, but was expected to give a "clearly positive" boost to 2011 EPS. ($1=.6710 Euro) (Reporting by Helsinki Newsroom; editing by Simon Jessop)

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