At a special meeting, IPSCO shareholders voted to approve the Plan of Arrangement whereby SSAB Svenskt Stal AB (SSAB) will acquire all of the outstanding shares of IPSCO. Approximately 99% of the votes cast by shareholders were in favor of the transaction.
As previously announced May 3, 2007, IPSCO and SSAB entered
into an agreement providing for IPSCO to be acquired by SSAB for US$160 per
share in cash for a total equity value of approximately US$7.7 billion.
IPSCO, a leading producer of energy tubulars and steel
plate in North America with an annual steel making capacity of 4.3 million tons,
and SSAB, a Swedish-based publicly traded corporation with a leading European
position in Quenched & Tempered heavy plate and EHS/UHS steel sheet, have
received all regulatory approvals that are a condition to the completion of the
transaction. The completion of the arrangement remains subject to the approval
of the Ontario Superior Court of Justice and the satisfaction of certain other
conditions described in the Management Proxy Circular dated June 11, 2007, that
was mailed to shareholders of IPSCO and is available on SEDAR athttp://www.sedar.com. IPSCO and SSAB expect the transaction to be
completed on July 18, 2007.