![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Base Grp. | LSE:BS. | London | Ordinary Share | GB0000566389 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.04 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS No 5802a BRITISH STEEL PLC 16 July 1999 Not for release, publication or distribution in or into the United States, Canada or Norway. The proposed public offer for Hoogovens ordinary shares (and depositary receipts therefor) will not be made in or into the United States, Canada or Norway. British Steel plc Proposed merger of British Steel and Hoogovens The board of British Steel plc ("British Steel") is pleased to announce that Koninklijke Hoogovens NV ("Hoogovens") has reached agreement with its Central Works Council and trade unions in relation to the merger of British Steel and Hoogovens. The full text of the announcement made by Hoogovens, the Central Works Council and trade unions today is set out below: "Hoogovens reaches agreement with Central Works Council and trade unions about merger with British Steel. This afternoon, after consultations with the Board of Management of Koninklijke Hoogovens, the Koninklijke Hoogovens Central Works Council has stated that it is in favour of the proposed merger between Koninklijke Hoogovens and British Steel. This conclusion is also based on agreement between Hoogovens and the international trade unions involved. The Central Works Council expects to be involved until the new consultation structure is put into effect. The Central Works Council considers the merger necessary to speed up Hoogovens' transition towards a more market-oriented company. In this respect important considerations are: - As consolidation is continuing in important customer sectors and the European Steel industry itself, Koninklijke Hoogovens is becoming a relatively small player. As a consequence the company is less likely to be favoured by large customers as a main supplier. - The competition in the European steel markets is shifting from delivering hot rolled sheet (upstream) towards being able to deliver solutions developed with customers. - The multiple metals strategy has strong potential, but needs to be reinforced. - Koninklijke Hoogovens' financial position has been strengthened since 1992, but the company still generates insufficient cash flow to be able to finance investments in expansion in multiple metals and their applications. The conclusions of the Central Works Council include a number of recommendations that have to be fulfilled to make the proposed merger successful, such as: - The strategy of the new company should be aimed at strengthening its joint position in a number of attractive "downstream" market segments and customer oriented Product Market Combinations. - A strong management focus on the multiple metals strategy. - Customer oriented account management based on the multiple metals strategy. - Expansion of the overall aluminium operation. - Based on available research capacity, operational knowledge and experience, development of "IJmuiden" into a metals knowledge centre. - Within the framework of job rotation transfers must be handled with care. - Sufficient attention should be paid to cultural differences. Furthermore, the Central Works Council states that improvements in efficiency as a result of synergies or application of best practices will not lead primarily to the reduction of jobs. The net effect of the efficiency improvements related to employment cannot be assessed by the Central Works Council. The Works Council thinks the new company should be aware of its responsibility to take the social consequences into account. The Central Works Council states as a condition the importance of a good consultation structure in the new company. The consultation structure should follow the organisational structure to make sure that the consultation bodies can consult their respective management. This means that the Works Council expects the consultation structure in the (mainly international) Business Units to be transnational. The Works Council further states that at corporate level there should be a European Works Council according to EU guidelines and that for each location of the new company the appropriate national laws regarding consultation should be respected. In the Dutch case this will mean a number of Works Councils and one Central Works Council. The Central Works Council states as a condition that in the supervisory board of the Dutch holding one member should be nominated by the Central Works Council. The positive position of the Central Works Council is also based on an agreement between Hoogovens and the trade unions. Some elements of this agreement are: - Hoogovens is firmly convinced that the merger will reinforce the continuity of the company; in particular employment will be strengthened in the longer term. - All existing collective and individual agreements regarding Hoogovens activities, both within and outside the Netherlands will be respected. Hence the agreements concerning the CAO (Collective Labour Agreement) for the next two years (until April 2001) for the IJmuiden Social Unit and an employment pact for a period of five years will remain fully in force. The existing agreements will also apply to possible social consequences of the merger and will be included in the merger agreement. If necessary, adequate agreements between Hoogovens and its "social partners" will be made. - Koninklijke Hoogovens makes it a main point of its policy, including and especially during this merger, to promote employment and the employability of its staff as much as possible. Partly through application of the available social structures, Koninklijke Hoogovens will do its utmost to avoid the need for compulsory redundancies. - Within the new company an adequate, representative consultation structure will be put in place for consultation at local, national, business unit and group level. This applies to both internal and external consultations with "social partners". Further detailing and elaboration of this structure will begin in August 1999. - Koninklijke Hoogovens endorses the continuing importance of safety and health at the workplace. Hoogovens furthermore intends to develop its earlier intended code of conduct, respecting local good practices, in the new company. The Board of Management of Koninklijke Hoogovens appreciates the constructive manner in which the Central Works Council and the trade unions co-operated in bringing about the merger with British Steel. This bodes well with further fruitful consultation and co-operation in the new company." Enquiries: British Steel 0171 314 5502 Mike Hitchcock This announcement is not an extension of the proposed public offer for Hoogovens ordinary shares (and depositary receipts therefor), directly or indirectly, in or into the United States, and it will not be permitted to be accepted in or from the United States. Accordingly, no public offer will be made for Hoogovens's American Depositary Shares. This press release has been issued by British Steel and Hoogovens. It has been approved by Credit Suisse First Boston (Europe) Limited ("Credit Suisse First Boston") and Warburg Dillon Read, a division of UBS AG ("Warburg Dillon Read") for the purposes of section 57 of the Financial Services Act 1986. Credit Suisse First Boston, which is regulated in the United Kingdom by The Securities and Futures Authority Limited, is acting for British Steel and no-one else in connection with the proposed merger and will not be responsible to anyone other than British Steel for providing the protections afforded to customers of Credit Suisse First Boston, nor for providing advice in relation to the proposed merger. Warburg Dillon Read, which is regulated in the United Kingdom by The Securities and Futures Authority Limited, is acting for Hoogovens and no-one else in connection with the proposed merger and will not be responsible to anyone other than Hoogovens for providing the protections afforded to customers of Warburg Dillon Read, nor for providing advice in relation to the proposed merger. END OFFALLIADFIRLAA
1 Year Base Group Chart |
1 Month Base Group Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions