Globe pulls out of Fesil and moves into Holla - FERRO-SILICON

Norwegian ferro-silicon producer Fesil is to merge its ferro-silicon
assets with Finnfjord Smelteverk to form “New” Fesil ASA and
will spin off its silicon metal plant Holla Metal and Brikettfabrikken to
create Holla ASA. Globe Metallurgical of the USA — a majority
shareholder in the old Fesil — will take a 100% stake in Holla and
will sell its interest in “New” Fesil.
Fesil’s board of directors voted on December 9 for the scheme, as
did the board at Finnfjord.
The demerger and merger must be approved at an egm in March, and both

are dependent on the other. Analysts have hailed...


December 14, 1998

00:00 GMT

M B NF17