Swedish specialty steel producer SSAB has announced that it has extended the period of the share exchange offer for all the issued and outstanding shares of Finland-based steelmaker Ruukki to end on July 22, 2014, as a result of the expected timing of the receipt of an approval by the European Commission. The Commission is currently conducting the required regulatory competition review of the proposed combination of the SSAB and Ruukki. The former deadline for the offer period was June 27.
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).