Yes, exactly.
I’m a bit surprised; from the outside, Aliaxis seemed to be in a quite good position to squeeze the price higher. Perhaps GF was truly prepared to play the long game, i.e., leaving Aliaxis as a minority shareholder. Well, you can’t always get these right 
It looks like this thread has been quiet for a couple of months, so let’s wake it up a bit. The share price has already dropped nearly 3 percent in a month, and today’s closing price was 1.82% below the tender offer price of 28.50 euros. Trading volumes have been relatively low, except for some trades of a few thousand shares just before the close over the last few days. I’m guessing GF is the buyer. It seems the return doesn’t really appeal to people, even though, according to my understanding, interest started accruing in early December (7.0% for 2023 and 7.5% starting January 1st). It could also be that a large portion of retail investors are unaware of this interest component.
Which interest rate are you talking about and where does it say that?
In accordance with the Limited Liability Companies Act, interest is paid in redemption procedures.
Annual interest must be paid on the redemption price from the time three weeks have elapsed since the application for arbitrators, in accordance with the reference rate in effect at the time as referred to in Section 12 of the Interest Act, increased by three percentage points. (29.12.2022/1337)
How long do I have to wait for the money from a redemption?
Based on my own experience, it’s typically 7–9 months from the start of the redemption process. But of course, in theory, it can sometimes drag on for a very long time, even years, if there is something to dispute, as was the case with Ahlström-Munksjö. In Uponor’s case, everything should be quite clear-cut, so I expect it to stay within that 7–9 month range, of which about 1.5 months has already passed.
You should be prepared for anything. There was a tender offer for Ahlstrom-Munksjö in 2020, and the current estimate is that the redemption proceeds will hit the account in 2025. I can’t think of a wait longer than these four years.
I don’t suppose the delay is much of a catastrophe, as long as the interest keeps accruing.
It’s taken a surprisingly long time to appoint the arbitral tribunal. It will soon be two months since the trustee was appointed, and at least on the website of the Redemption Board of the Chamber of Commerce, no decision has been recorded regarding the appointment of the arbitral tribunal.
I’ve been involved in a few squeeze-outs myself, and the interval between the appointment of the special representative and the appointment of the arbitral tribunal has lasted 1 month and 2 days at its shortest (Nixu) and exactly 2 months at its longest (Avidly). Next week will indeed mark the 2-month point; let’s see if a new record is set.
The Redemption Board’s website lists 30 January 2024 as the decision date.
Does the interest start accruing automatically, or do shareholders need to respond in writing in any way?
Does anyone have any information on what the situation is with this? At what point is trading usually halted?
"Ownership of all shares in Uponor Oyj has been transferred to the offeror, Georg Fischer AG, in the redemption procedure.
Uponor Oyj’s shares will be listed for the last time on Monday, 29 April 2024."
What happens now that they’ve redeemed them from me? Will I get any money for them at all?
A security named “UPONOR Right to redemption price” has likely appeared in your portfolio in place of Uponor, and this will eventually be exchanged for the price paid for the shares (€28.50/share) and the interest paid for the redemption period. If Fischer pays the so-called undisputed portion—meaning €28.50/share—in advance, the payment may arrive in the near future; otherwise, the payment could be delayed until late summer or autumn when there is an arbitral tribunal decision on the final redemption price.
The funds from the redemption procedure, including interest, have arrived in the account today.
What do you think of +GF+ now that Uponor is starting to be integrated?
GF is also selling its machine tool business. The deal will be finalized in early 2025. The factories for this business are in Switzerland and China.
High value-added cast parts for aerospace, etc., are under question as to whether they will be divested or not.
Going forward, the units (perhaps) will therefore encompass all possible connectors and pipes, as well as the design and implementation for fluid transport. Production is in Germany, Sweden, Switzerland, Eastern Europe, and China.
A bit like Kemira, but focusing on households, data center cooling, and ships. In other words, smaller pipes.
There is a factory in the United States that produces high-tech structural panels.