Metal Management, Sims Group complete merger

By Lisa Kerner

Charlotte, N.C., March 14 - Metal Management, Inc. shareholders approved the company's $1.6 billion merger with Sims Group Ltd. at a special meeting on Friday, with the merger becoming effective at 4 p.m. ET.

Under the companies' Sept. 24, 2007 merger agreement, Metal Management shareholders will receive 2.05 Sims American Depositary Shares (ADSs) for each share of Metal Management common stock.

Each ADS will represent one ordinary share of Sims Metal Management, a company news release stated.

Sims said it will retain listing of its ordinary shares on the Australian Securities Exchange and its ADSs will be listed on the New York Stock Exchange.

It was previously reported that the newly formed company would be known as Sims Metal Management.

Metal Management is a full-service metal recycler based in Chicago. Sims is a metal recycler based in Sydney, Australia.

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