Recent work | January 7, 2020
Roschier represented Umicore in the acquisition of cobalt refinery and cathode precursor operations in Kokkola
Acting as local counsel as regards Finnish law, including tax advice, Roschier represented global materials technology and recycling group Umicore in the acquisition of Freeport Cobalt's cobalt refinery and battery cathode precursor operations and related net working capital in Kokkola, Finland for an amount of USD 203 million on a debt and cash free basis.
As part of the multi-jurisdictional transaction, which was announced as being completed on 2 December 2019 after receipt of regulatory clearances, Freeport’s Cobalt fine powders, chemicals, catalysts, ceramics, and pigment activities located on the same site in Kokkola were carved out through a partial demerger prior to completion and such activities continue to be operated by Freeport Cobalt. The acquired cobalt refinery and cathode precursors operations in Kokkola are henceforth carried out by Umicore Finland Oy.
Roschier advised Umicore on all Finnish tax and structuring aspects of the transaction. The Finnish tax work involved especially complex questions relating to the carve-out process and tax treatment of various attributes in the partial demerger.
Our core team consisted of Jan-Anders Wik, Wiljami Siitonen, Ossi Haapaniemi, Andreas Bussman, Robert Utter, Vesa Rasinaho, Janne Nurminen, Oskari Lindholm and Johannes Strang.