Evraz Group agrees to buy Claymont Steel for about 564.8 mln usd cash |
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Published
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Mon, 10 Dec 2007 08:18
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LONDON (Thomson Financial) - Evraz Group SA and Titan Acquisition Sub, a wholly owned subsidiary of Evraz (Titan), have agreed to buy Claymont Steel Holdings for 23.50 usd per share for an aggregate price of approximately 564.8 mln usd including debt and net of cash.Under the terms of the agreement, Titan will make a cash tender offer for all shares of Claymont Steel common stock, Evraz said in a statement. The offer will be followed by a merger at the same price, and upon completion Claymont Steel will become a subsidiary of Evraz.The offer price of 23.50 usd per share represents a premium of 19.1 pct to Claymont Steel's three-month volume weighted average stock price and a premium of 6.8 pct to the closing price of Claymont Steel's stock on Dec 7 of 22.00 usd.Evraz said the deal will expand its presence in North America.'Having acquired Oregon Steel Mills at the beginning of this year, we laid the foundation of our American plate business and intend to continue to strengthen it now with Claymont Steel's steel plate production,' said Evraz chairman and chief executive Alexander Frolov.paul.sandle@thomson.comps/ms1COPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Evraz raised to 'Ba2' on better opg performance, liquidity profile - Moody's 