Rautaruukki, SKF, Wärtsilä merger approved

Rautaruukki, SKF, Wärtsilä merger approved

Finnish steel producer Rautaruukki Oyj announced today that the European Commission approved the merger of Rautaruukki, SKF and Wärtsilä's long steel business under a jointly owned company. Rautaruukki, SKF and Wärtsilä will have 47%, 26.5% and 26.5% share in the new company that will be named as NewCo. As previously reported by SteelOrbis, a memorandum of understanding regarding the merger was signed among the companies in February and a definitive agreement was signed on April 22, 2005.