Swedish speciality steel producer SSAB has announced that the European Commision has approved its merger with Finland-based steelmaker Ruukki. The offer period for the merger is scheduled to expire on July 22.
The Commission had concerns that the merger would have significantly reduced competition on the markets for certain carbon steel products, stainless steel and profiled steel construction sheets in Nordic countries. The clearance is conditional on the divestment of five businesses in Finland, Sweden and Norway. SSAB stated that it will start the divestment process immediately.
Regulatory competition approvals have previously been granted in Russia, Turkey and Ukraine. No further regulatory competition approvals are necessary for the completion of the merger.
As SteelOrbis previously reported, 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 ($1.5 billion).
