Europe

Finnish stainless steel maker Outokumpu has agreed to acquire Inoxum, the stainless steel unit of Germany’s ThyssenKrupp.

The €2.7 billion deal is set to make Outokumpu a market leader in European stainless steel, with almost €12 billion in revenues, more than 19,000 employees and an approximate 50 per cent market share.

Outokumpu already employs around 8,000 people in more than 30 countries and is headquartered in Espoo, Finland.

Westinghouse Electric Company today announced the signing of an exclusive memorandum of understanding (MOU) with Czech construction company Metrostav, in preparation for the potential construction of nuclear power plants in the Czech Republic.

Alan Swaby looks at one of the largest crane manufacturers in the world—which ironically comes from one of the smallest countries in the world.

Watch any strong man competition and the odds are there will be a Finn in the final. For a country with a population of far less than Greater London, Finland manages to create some of the biggest and strongest specimens in the world.

UK-based Centrica, the parent company of British Gas, has reached an agreement with ConocoPhillips to acquire its non-operated interests in the gas and oil producing Statfjord field for £142 million.

Norwegian Air Shuttle has signed an agreement with both Airbus and Boeing for delivery of a total of 222 new aircraft—the largest such deal in European aviation history.

The order includes 100 new Boeing 737 MAX8s and 22 Next-Generation 737-800s, making Norwegian the European launch customer for Boeing’s new aircraft. The Airbus order—Norwegian’s first purchase from the company—includes 100 Airbus A320neos. The orders include additional purchase rights of 150 aircraft from both manufacturers.

The Weir Group PLC has agreed to acquire Novatech LLC, a US manufacturer of well service pump valves and valve seats for upstream oil and gas applications, for $176 million (£113 million) in cash.

Based in Dallas, Texas, Novatech is a family-owned business producing a wide variety of proprietary valves and valve seats for high pressure applications such as frac, cement and mud pumps used in unconventional upstream oil and gas operations.

The business is well known to Weir, being a long standing local supplier to Weir SPM.

UK oil and gas producer EnQuest has acquired a further 25 per cent stake in the Kraken oil discovery from Nautical Petroleum.

EnQuest will pay up to $240 million for the stake, together with interests in surrounding exploration acreage, based on the determination of gross reserves.

The acquisition will bring EnQuest’s stake in Kraken up to 45 per cent, following its previous purchase of a 20 per cent stake from oil and gas explorer Canamens earlier this month. Nautical retains a 25 per cent interest, with First Oil holding the remaining 30 per cent.

The energy regulator Ofgem has agreed to fast-track plans by ScottishPower that will see £2.6 billion invested into power upgrades between 2013 and 2021.

The plans will see the creation of up to 1,500 new jobs in Scotland. 

ScottishPower’s detailed proposals outline investment priorities up to 2021 that will enable upgrades to the electricity network in central and southern Scotland. The plans are also designed to help achieve European carbon reduction targets.

Google has been named as the company UK adults most want to work for—with rival Apple coming a close second.

In a survey carried out of more than 2,133 UK adults by research and consulting organisation YouGov for Croner, Google was named 81 times and Apple 80 times as the most desirable companies to work for.

High-profile UK companies also featuring in participants’ responses included John Lewis (72 mentions), Virgin (62 mentions) and the BBC (55 mentions). The NHS also featured high on the list.

China Investment Corporation (CIC) has acquired an 8.68 per cent stake in Thames Water, the UK water and sewerage company.

The purchase is the Chinese sovereign wealth fund’s first in the UK, and comes after George Osborne's visit to China this week, where he urged China to invest in UK infrastructure projects.

The price CIC paid for the stake has not been disclosed.

CIC was set up in 2007 to make strategic investments using China’s £2 trillion of foreign exchange reserves.