Sandvik makes offer

Sandvik will make a public offer to the other shareholders in Walter AG (Germany) to acquire all the outstanding shares in the company at a price of EUR 32.50 per share. The total value of the offer is up to EUR 29.3 M. The offer is conditional upon Sandvik’s ownership interest exceeding 95%. During the autumn 2001, Sandvik reached an agreement with the principal
owners of Walter covering the acquisition of the majority of the shares in the company. After the approval of the German competition authorities on 21 December 2001, the acquisition was initiated and Walter is consolidated as of 25 February 2002. Sandvik currently owns 81%
of the outstanding shares in the company. Walter AG is listed on the Frankfurt/Main and Stuttgart Stock Exchanges.

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