Finland-based stainless steelmaker Outokumpu's shareholders have approved the €2.7 billion acquisition of German steel giant ThyssenKrupp's stainless steel unit Inoxum, according to media reports.
The acquisition expected to close by the end of 2012 will be funded by a €1 billion rights issue of new Outokumpu stock.
According to Outkumpu's statement, the board of directors will undertake a directed share issue in which ThyssenKrupp will be entitled to subscribe for new shares. A maximum number of 2,200,000,000 new shares may be issued in the directed share issue, enabling ThyssenKrupp AG to hold up to a 29.9 percent stake in Outokumpu.