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On 9 June 1997, Sandvik AB acquired an additional 1,830,400 B shares in Kanthal AB from a number of institutional owners.
At an Extraordinary General Meeting held on 9 June 1997 the General Meeting resolved to reduce Sandvik's share capital through a redemption of 20,288,090 shares.
The Board of Directors of Sandvik AB has decided, with authorisation by the Annual General Meeting on 6 May 1997 to increase the company's share capital through a new issue of 507,710 series A shares, without shareholders' preferential rights.
On 14 April 1997, Sandvik announced a redemption proposal to an amount of SEK 4,000 M with an application period for the shareholders during the period 7 May to 22 May 1997.
In his address to the shareholders at Sandvik AB's Annual General Meeting on 6 May, 1997, Chief Executive Officer Clas Åke Hedström commented on the 1996 fiscal year.
Prior to the Annual General Meeting in Sandvik AB on 6 May 1997, a proposal for the following Board of Directors will be submitted:
Sandvik, which has held a 55% interest in UK steel distributor RGB since 1994, has acquired the balance of the shares outstanding and is now the sole owner of the company.
Sandvik Steel has received an order from U.S.-based Westinghouse for steam-generator tubes for a nuclear power plant outside Houston, Texas, USA.
During 1997, Sandvik will begin construction of a new tube mill, Tube Mill 98, for production of seamless, stainless-steel heat-exchanger tubes in Sandviken.
Lars Östholm, Executive Vice President of Sandvik AB, will retire on 31 January 1997.
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