Finland Steel Firms Deal Flagged by Helsinki Bourse

Posted by George Backwell
Monday, May 05, 2014
Track to steel mill: Photo Wiki CCL

Rautaruukki Corporation (Rautaruukki) informs it has received from SSAB AB (SSAB) the following flagging notice in accordance with the Securities Market Act:

"If the exchange offer for all the shares in Rautaruukki announced by SSAB on 22,January 2014 is completed, the ownership of SSAB in Rautaruukki would, upon the completion of the settlement trades of the shares tendered into the exchange offer by 5, May 2014 (including the acceptance of the exchange offer by Rautaruukki's largest shareholder Solidium Oy, in accordance with the undertaking provided in advance by Solidium Oy) exceed 50 percent of all the shares and voting rights in Rautaruukki.

SSAB would, upon the completion of the settlement trades of the shares tendered into the exchange offer by 5 May 2014 gain the hold of 70,639,731 of Rautaruukki's shares, which would equate to 50.40 percent of the total outstanding shares and votes in Rautaruukki.

On 22, January 2014, the Boards of Directors of SSAB and Rautaruukki announced a plan to combine the two companies through SSAB making a public share exchange offer which Rautaruukki's Board of Directors has recommended Rautaruukki's shareholders to accept. The offer period of the share exchange offer commenced at 9 am EEST on 14 April 2014 and will continue until 4 pm EEST on 12, May 2014, unless the offer period is extended."

About Ruukki (the marketing name of Rautaruukki Corporation)
Ruukki specialises in steel and steel construction. It provides customers with energy-efficient steel solutions for better living, working and moving. The company has around 8,600 employees and an extensive distribution and dealer network across some 30 countries including the Nordic countries, Russia and elsewhere in Europe and the emerging markets, such as India, China and South America. Net sales in 2013 totalled €2.4 billion. The company's share is quoted on NASDAQ OMX Helsinki

 

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