Metso CEO departure blow to company as group touted as potential target
Metso [HEL: METSO], the Finnish industrial group, faced a blow with the departure of its CEO, as it has been subject to takeover speculations, according to Kauppalehti.
The Finnish-language unsourced piece wrote about the departure of Nico Delvaux, the CEO, who was with Metso for only four months. Metso has been mentioned as a potential target for the Swedish Atlas Copco [STO: ATCO-A] due to their complementary product arsenal.
Activist investor, the Swedish Cevian Capital, which owns 15% of Metso was keen to sell the company to the British Weir Group few years ago. However, the Finnish state, which also owns 15% through its investment company Solidium, blocked the sale.
The item said that the state is unlikely to sell its stake.
Metso has also been cautious with its M&A moves, the item added.