AB SKF has set Nov. 27 as the record date for shareholders to receive stock in its automotive unit, SKF Vertevo AB, advancing the planned separation ahead of a Stockholm listing.
SKF said the Swedish Financial Supervisory Authority (Finansinspektionen) approved the listing prospectus Nov. 10. Nasdaq Stockholm has decided to admit Vertevo’s shares if customary conditions are met, with trading expected to begin Dec. 1.
The distribution gives holders one Vertevo series A share for every five SKF series A shares they own. The same ratio applies to series B shares. Shareholders registered on Nov. 27 do not need to submit instructions. SKF expects Nov. 25 to be the final trading day for its shares carrying the Vertevo entitlement; the shares are scheduled to trade without it from Nov. 26.
SKF will combine entitlements that fall short of a whole Vertevo share. SEB will sell the resulting shares on Nasdaq Stockholm, and Euroclear will distribute the proceeds to affected shareholders in proportion to their fractions, without charging commissions.
Vertevo’s announced financial goals call for adjusted operating margin above 6% in the medium term and at least 8% in the long term. The company expects net debt to be close to zero at listing, taking certain post-listing transactions into account. Its announcement does not define those target periods in calendar years.
The automotive operation recorded a 4.6% adjusted operating margin in SKF’s third quarter, as EconoTimes reported in its coverage of the results. SKF shareholders approved the distribution Oct. 1. SKF began separating the business in September 2024, saying its industrial and automotive operations have different markets and success drivers. The company expects independence to help each operation sharpen its focus and set its own capital priorities.
Vertevo is scheduled to present at a Capital Markets Day in Stockholm on Nov. 17.
