Another Deal In Store For IPSCO Pipes?
Swedish specialty steelmaker SSAB denied plans -
sort of - to sell the steel pipe division of Canadian-U.S. firm IPSCO Inc., if
its planned $7.7 billion takeover bid for the company succeeds. The report
originated in a Swedish business newspaper.
A company spokesman told the British news agency Reuters that “we don’t comment on speculation. We have made a bid for the whole of IPSCO, and that process is underway, and SSAB has the intention of acquiring all of IPSCO.”
Wording of the denial does not address what might happen after the acquisition is completed. The Swedish business paper estimated that a sale of IPSCO’s pipe unit would be valued at around $3.65 billion (U.S.).
Barring unforeseen complications, SSAB’s acquisition of IPSCO is expected to close in the third quarter. Earlier reports cited Russia’s Evraz Group as interested in making a bid to purchase IPSCO.
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