Swedes in multi-billion bid for Canadian steelmaker
AFP - [email protected]
Published: 3 May, 2007 CET.
Updated: Thu 3 May 2007 15:09 CET
The Swedish maker of speciality steel SSAB said Thursday it planned to buy Canadian group IPSCO for $7.7 billion.
In a statement it said the friendly takeover had been approved by IPSCO management.
On April 12 IPSCO was valued at about $6.13 billion on the New York Stock Exchange and the company last year produced about four million tonnes of steel.
It reported a net profit of $643 million.
SSAB shares were suspended on the Stockholm stock exchange in the late morning pending the announcement.
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In a statement it said the friendly takeover had been approved by IPSCO management.
On April 12 IPSCO was valued at about $6.13 billion on the New York Stock Exchange and the company last year produced about four million tonnes of steel.
It reported a net profit of $643 million.
SSAB shares were suspended on the Stockholm stock exchange in the late morning pending the announcement.
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