Ipsco, SSAB Svenskt proposal clears Canadian approval hurdle

By Lisa Kerner

Charlotte, N.C., July 13 - The plan of arrangement between Ipsco and SSAB Svenskt Stal AB was approved by the Canadian Minister of Industry under the Investment Canada Act, and the companies received clearance from the Canadian Competition Bureau.

SSAB Canada Inc., a subsidiary of SSAB, will acquire all of the outstanding shares of Ipsco for $160.00 each in a deal worth an estimated $7.7 billion, according to a company news release. Ipsco announced the planned merger on May 3.

The arrangement is subject to shareholder approval, expected on July 16.

Ipsco produces steel products and tubulars in Lisle, Ill., while SSAB is a Stockholm-based steel products company.

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