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SSAB Gets Green Light for Ipsco Acquisition
06/13/2007 - Ipsco and SSAB Svenskt Stal announce the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for their proposed plan for SSAB to acquire Ipsco for a cash consideration of U.S. $160 per share.
Ipsco Inc. and SSAB Svenskt Stal AB jointly announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, for the proposed plan for Ipsco to be acquired by SSAB for a cash consideration of U.S. $160 per share.
Expiration of the Hart-Scott-Rodino waiting period satisfies one of the conditions to SSAB's acquisition of Ipsco.
Consummation of the plan of arrangement, which is expected to occur in the third quarter of 2007, remains subject to other customary closing conditions, including approval of the plan of arrangement by Ipsco's shareholders and obtaining certain regulatory approvals.
Ipsco, a low-cost North American steel producer, operates steel mills at three locations and pipe mills at eight locations in the United States and Canada with a combined annual steelmaking capacity of 3,500,000 tons. The company's tubular facilities produce a wide range of tubular products including oil and gas well casing and tubing, line pipe, standard pipe and hollow structurals. Steel can also be further processed at Ipsco's five temper-leveling or coil-processing facilities.
SSAB is a Swedish-based publicly traded corporation with a leading European position in quenched & tempered heavy plate and EHS/UHS steel sheet. The Group comprises four divisions: Division Sheet and Division Heavy Plate are the steel operations with steel shipments of 3.1 million tonnes in 2006, Plannja is a processing company in building products, and Tibnor is the Group's trading arm supplying a broad product range of steel and metals. The Group has sales revenues of almost US$ 4.6 billion generated by 8800 employees and operations or offices in over 40 countries and a worldwide sales presence.
