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European Commission has approved combination of SSAB and Rautaruukki


Monday, 14 Jul 2014 01:15pm EDT 

SSAB AB:Receives European Commission's approval for combination with Rautaruukki.Approval is conditional on commitment by SSAB to divest assets within its Nordic Steel Distribution system and Finnish construction business.Assets to divest are one steel service center in Sweden and one in Finland, Tibnor Oy in Finland (subsidiary of Tibnor AB), 50 percent ownership interest in each of Norsk Stål AS and Norsk Stål Tynnplater AS , and Plannja Oy in Finland (subsidiary to Plannja AB).SSAB will immediately start divestiture process.These divestments will not affect previously communicated synergy potential or industrial logic behind the combination, since certain concessions were already expected.Regulatory competition approvals have previously been granted in Russia, Turkey and Ukraine.No further regulatory competition approvals are necessary for completion of the share exchange offer.Offer period of share exchange offer in which SSAB offers to acquire all of outstanding shares of Rautaruukki not owned by Rautaruukki or its subsidiaries will expire on July 22, 2014.Transaction is expected to close shortly thereafter conditional on shareholders with more than 90 percent of shares having accepted share exchange offer. 

Company Quote

51.45
0.85 +1.68%
21 Nov 2014