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UPDATE1-Sylvania Resources, Ruukki terminate merger

Fri Oct 23, 2009 2:43am EDT

Stocks

   

* No break up fee payable

Basic Materials

* Companies looking at alternative PGM cooperation

(Adds details)

LONDON, Oct 23 (Reuters) - South Africa-focused precious metals producer Sylvania Resources (SLV.L) and Finland's Ruukki Group (RUG1V.HE) said they agreed to terminate a planned merger due to difficulties implementing the deal.

Neither company has to pay a break up fee.

In June, Ruukki said it would acquire Sylvania (SLV.AX) in a share deal valued at 268 million euros ($401 million). [ID:nBNG495871]

The companies said on Friday they are continuing to evaluate alternative possibilities for cooperation in the platinum group metals (PGM) business, but noted that the talks are at an early stage.

(Reporting by Julie Crust; editing by Rhys Jones)

($1=.6679 Euro)

Basic Materials


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