Fairfax Financials Holdings Limited (Fairfax) has strengthened its position in Metlen.
The two parties have agreed to enter into an exchangeable bond of 110 million euros, with which Fairfax will have the right to acquire within two years 2,750,000 own shares of METLEN at a price of 40 euros per share, i.e. 1.92% of the company’s share capital. After the acquisition of this percentage, Fairfax’s total percentage will rise to 8.35%.
Fairfax’s Chairman and CEO, Prem Watsa, said that “we are excited about the further increase of Fairfax’s investment in METLEN. The company has an excellent track-record and we look forward to working with Evangelos Mytilineos and his team to further develop the company on a long-term basis.”
On his part, METLEN’s President and CEO, Evangelos Mytilineos, stated that “the further investment of Fairfax, a long-standing supportive and reliable shareholder, fills us with joy and enthusiasm for the faith of the second largest shareholder in our Company, for its future and prospects. Our rapid growth since 2012, when Fairfax first entered the then MYTILINEOS, is intertwined with the continuous strengthening of Fairfax’s shareholding, which is why it is extremely welcome.”
