.gif?width=220&height=200&mediaprotectionhash=b13da841472e6e7ed500ee35df2a350aaf53d75246118b33ea2095cc7e9a3fc4&ext=.gif)
Ontario Superior Court Approves Ipsco-SSAB Plan of Arrangement
07/18/2007 - The Ontario Superior Court of Justice issues the final order approving the Plan of Arrangement for SSAB’s acquisition of all outstanding Ipsco shares.
The Ontario Superior Court of Justice has issued the final order approving the Plan of Arrangement for SSAB Canada Inc.’s acquisition of all outstanding shares of Ipsco.
The order follows Ipsco and SSAB’s announced agreement for 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 satisfaction of the remaining 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 Canada Inc. is a subsidiary of SSAB Svenskt Stal AB, 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.
