EU gives green light to Rautaruukki's Fortaco plan

HELSINKI Tue Dec 11, 2012 6:47am EST

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HELSINKI Dec 11 (Reuters) - The European Commission has approved plans by Finland's Rautaruukki to spin off part of its engineering business and form a new company with engineering industry supplier Komas, Rautaruukki said.

Rautaruukki said in October it will own 19 percent of the new company, named Fortaco, while it will focus on improving its struggling steel and construction business.

The deal is expected to be finalised by the end of the year, it said in a statement on Tuesday. (Reporting by Helsinki Newsroom; news@reuters.fi; +358 9 6805 0244)

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