U.S. Steel, Lone Star merger granted antitrust clearance by Austrian government; deal could close in June

By Lisa Kerner

Charlotte, N.C., May 18 - United States Steel Corp.'s acquisition of Lone Star Technologies, Inc. cleared another hurdle with antitrust clearance from the Austrian government effective May 17.

The companies have also received antitrust clearance from Germany and early termination of the Hart-Scott-Rodino waiting period from the Federal Trade Commission, according to an 8-K filing with the Securities and Exchange Commission.

There are no additional antitrust approvals required as a condition to the merger. However, the deal is subject to approval by Lone Star's shareholders and other customary closing conditions.

Lone Star expects the transaction to close in June.

Under a definitive agreement announced on March 29, U.S. Steel will acquire Lone Star for $67.50 per share in a cash transaction valued at $2.1 billion.

U.S. Steel plans to fund the transaction with cash on hand, financing under its existing receivables purchase program and three new and fully committed bank credit facilities provided by JPMorgan.

U.S. Steel is an integrated steel producer based in Pittsburgh.

Dallas-based Lone Star manufactures steel tubular products used in oil gas wells.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.