Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

Velan Inc T.VLN

Alternate Symbol(s):  VLNSF

Velan Inc. is a Canada-based manufacturer of industrial valves. The Company designs, manufactures and markets on a worldwide basis a broad range of industrial valves for use in critical applications. It provides solutions to many sectors including power generation, nuclear, oil and gas, chemicals, LNG and cryogenics, pulp and paper, geothermal processes, shipbuilding, defense, and carbon-neutral technologies. Its product categories include quarter-turn valves; gate, globe, and check valves; cryogenic valves; HF acid valves; steam traps; bellows seal valves, and Velan ABV valves. Its service includes research and development, maintenance manuals (IOMs), spare parts and service center locations. Its quarter-turn valves include Memoryseal ball valves and VTP-2000 high performance three-piece ball valves. The Company's cryogenic valves include cast steel cryogenic valves and API 602 small forged cryogenic valves. The Company has manufacturing plants in approximately nine countries.


TSX:VLN - Post by User

<< Previous
Bullboard Posts
Next >>
User Avatar Image
(1868)
•••
  • Possibleidiot01X
Post by Possibleidiot01on Oct 07, 2023 5:30pm
367 Views
Post# 35674844

cantechletter.com

cantechletter.com

VLN stock collapses following French government move

Shares of Velan (Velan Stock Quote, Chart, News, Analysts, Financials TSX:VLN) have fallen in half after the French government moved to block the acquisition of the company’s French units by would-be suitor Flowserve, which in February had agreed to buy the company for (C) $329-million.

 

Shares of the Quebec-based maker of industrial steel valves were down by more than fifty per cent Friday after the resumption of trading following a halt.

On October 5, Velan announced that it was informed by would-be suitor Flowserve that the latter would no longer be pursuing the acquisition of the former, owning to regulatory changes coming from French authorities, who have determined that Valen is crucial to its nuclear industries.

“We thank our employees and other stakeholders who supported the proposed transaction. Although we are disappointed with the outcome and the decision of the French regulators, we remain confident in the future of Velan’s business. We will now turn our entire focus to the operation of a successful business while continuing to assess all strategic options available to the company to create value for all of our stakeholders,” said Velan chairman James Mannebach.

“After months of deliberations, France decided to oppose the purchase of Velan SAS and Segault SAS by the Texas-based company because of their strategic importance to the French nuclear and defense industries, an official at the finance ministry said. Late Thursday, the management of Velan said Flowserve was ending the merger pact in the light of the French refusal,” Bloomberg’s Ania Nussbaum reported.

At press time, shares of VLN were down 50.9 per cent to $5.41.



<< Previous
Bullboard Posts
Next >>