Esmark wins fight for Wheeling-Pittsburgh

Esmark Inc.'s hostile bid for steelmaker Wheeling-Pittsburgh Inc. was successful on Friday after stockholders voted in Esmark's board of directors, effectively rejecting the competing takeover offer by Brazil's Companhia Siderurgica Nacional SA (CSN). The Chicago Heights, Illinois-based steel distributor claimed victory hours later. Commenting on the stockholders' vote, Esmark CEO James Bouchard said he was ready to move into Wheeling's headquarters within weeks and was eager to start rebuilding the company with the help of The United Steelworkers, who supported the merger. The new board of directors will now combine the two companies in what is called a “reverse merger”, which will provide the much-needed $200 million to help the recovery of twice-bankrupt Wheeling-Pitt. Esmark will also become a publicly traded company, without having to go through an initial public offering. Shareholders chose Esmark's directors over the incumbent board, which wanted to accept CSN's competing offer.