July 16, 2007 - IPSCO Shareholders Approve Arrangement With SSAB
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 at http://www.sedar.com. IPSCO and SSAB expect the transaction to be completed on July 18, 2007.