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Outkumpu shareholders approve Inoxum acquisition

Thursday, 01 March 2012 17:55:27 (GMT+3)   |  
       

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.


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