Wallenberg fund, Lindengruppen launches $1.74-bn bid for Sweden's Hoganas

Foundation Asset Management, an investment firm belonging to the Sweden's Wallenberg banking family and Lindengruppen, a minority shareholder of Hoganas AB, the  world's largest producer of metal powders, today launched an 11.2 billion Swedish crowns ($1.74 billion) bid for the company.

Lindengruppen, a manufacturer of paints, which owns 34.4 per cent of Hoganas and Foundation Asset have offered to pay 320 crowns per share in cash.

Hoganas said that its board will take an independent expert advice and announce its opinion by no later than two weeks prior to the expiry of the acceptance period.

''Neither Jenny Lindén Urnes, Erik Urnes nor Urban Jansson, being the owner and/or directors of Lindéngruppen, will participate in the board's handling of or resolutions concerning the Offer,'' said the Stockholm-based company.

Founded in 1797, Höganäs is the world's leading producer of iron and metal powders. It develops and markets powders for customers in metallurgical industries.

The company's business portfolio comprises products that are used in sintered components, electromagnetic applications, brazing, chemical and metallurgical, hot polymer filtration, iron fortification, friction, sintered stainless steel filters, surface coating and welding, among others.