Finland-based steelmaker Ruukki (Rautaruukki Corp.) has announced that Swedish specialty steel producer SSAB has passed the necessary resolutions to enable the implementation of the planned share exchange offer to Rautaruukki's shareholders.
Accordingly, the offer period for the share exchange offer will begin on April 14, 2014 and will expire on May 12, unless the offer period is extended.
Ruukki recently recommended to its shareholders that they accept the share exchange offer. Solidium Oy, Ruuki's largest shareholder with 39.7 percent of shares, has undertaken to accept the share exchange offer.
As SteelOrbis previously announced, in January this year the two Scandinavian steel producers agreed to combine the two companies through SSAB making a recommended public share exchange offer amounting to SEK 10.1 billion (€1.55 billion).