If it materializes, I believe this would be a very good thing for Piipo and the company’s shareholders. With significant debt, broken covenants, and a tightened competitive environment, turning the business around on its own would have been extremely challenging. Now, the balance sheet will become net debt-free, while retaining certain assets and the Manila business. In addition, there will also be an opportunity to sell the remaining business.
At a quick glance, this outline seems quite reasonable to me. With good luck, a buyer for Manilla could be found, and the Outokumpu buildings could be sold for a better price. On the other hand, there is a risk that strategic projects will take longer than expected, causing costs (listed company costs would fall solely on Manilla) and lost time value. However, AktiiviOmistajat may not immediately have a new company to list. I am in favor of the deal, but as an investor, I will not play the special situation (my own experience is that I usually approach the sum of parts breakdown too optimistically).