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Alfa Laval makes open offer

Our Bureau

MUMBAI, June 6

ALFA Laval International AB, the Swedish parent of Alfa Laval India Ltd, has initiated a public offer to purchase an additional 25 per cent of the shares of the latter.

It now indirectly owns 51 per cent of the shares in the company, said a news release from the Alfa Laval group.

The release quoted the President and CEO of the Alfa Laval group, Mr Sigge Haraldsson, as saying, ``the intention of the offer is to achieve control of Alfa Laval India to prepare for future development and growth of Alfa Laval India and the Alfa Laval g roup.'' There was also mention of India being part of the group's global strategy.

The majority of the Alfa Laval group was acquired by Industri Kapital last year. ``It is the stated intention of Industri Kapital to float the Alfa Laval group on the stock market in a period of one to two years,'' said the release. The release said that earlier, the group was requested by the Indian regulations to offer to purchase a minimum of 20 per cent of the outstanding shares, due to the change in ownership of the Alfa Laval group.

``However, since this was not in line with our short-term group priorities, we asked and received an additional exemption by the Indian regulatory authorities from making the open offer. This exemption was not accepted by the minority shareholders. Thus, we have now fully in compliance with the regulations, initiated the open offer,'' said Mr Haraldsson.