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Ipsco Shareholders Approve Arrangement with SSAB
07/17/2007 - Ipsco shareholders vote to approve the Plan of Arrangement for Svenskt Stal AB’s acquisition of outstanding Ipsco shares.
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Steelworkers Prepared to Work
with New Ipsco ownership United Steelworkers' (USW) Western Canada Director Steve Hunt said the union is prepared to work with Ipsco’s new ownership.
"We anticipate and expect SSAB to honor the collective agreements we have in place with Ipsco in Regina and Calgary."
The USW represents 775 Ipsco employees in Regina (Local 5890) and 223 at the company's Calgary operation (Local 6673-04). Contracts at both locations expire in 2011.
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The Plan of Arrangement follows Ipsco and SSAB’s announced agreement SSAB’s acquisition of Ipsco for U.S. $160 per share in cash, which represents a total equity value of approximately U.S. $7.7 billion.
Ipsco and SSAB have now received all regulatory approvals that were conditions to the completion of the transaction. Completion of the arrangement remains subject to the approval of the Ontario Superior Court of Justice, and the satisfaction of certain other conditions described in the Management Proxy Circular dated June 11, 2007
Ipsco and SSAB expect the transaction to be completed on July 18, 2007.
Ipsco is a leading producer of energy tubulars and steel plate in North America with an annual steelmaking capacity of 4.3 million tons. Ipsco operates four steel mills, eleven pipe mills, scrap processing centers, and product finishing facilities in 25 geographic locations across the United States and Canada. The company's pipe mills produce a wide range of seamless and welded energy tubular products including oil & gas well casing, tubing, line pipe, and large-diameter transmission pipe. Ipsco also provides premium connections for oil and gas drilling and production.
SSAB is a Swedish-based publicly traded corporation with a leading European position in Quenched & Tempered heavy plate and EHS/UHS steel sheet. The Group comprises four divisions: Division Sheet and Division Heavy Plate, the steel operations with steel shipments of 3.1 million tonnes in 2006; Plannja, a processing company in building products; and Tibnor, the Group's trading arm supplying a broad product range of steel and metals. The Group has sales revenues of almost U.S. $4.6 billion, 8800 employees, operations or offices in over 40 countries, and a worldwide sales presence.
