IPSCO Inc. (IPS) and SSAB Svenskt Stal Receive Canadian Approval with Regarding to Merger
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IPSCO Inc. (NYSE: IPS) and SSAB Svenskt Stal AB ("SSAB") announced that approval from the Canadian Minister of Industry under the Investment Canada Act has been obtained and the companies have obtained clearance from the Canadian Competition Bureau in connection with the Plan of Arrangement pursuant to which SSAB Canada Inc., a subsidiary of SSAB, would acquire all of the outstanding shares of IPSCO for U.S.$160.00 per share.
The completion of the Arrangement remains subject to shareholder approval on July 16, 2007, approval of the Ontario Superior Court of Justice on July 17, 2007, and the satisfaction of certain other conditions described in the Management Proxy Circular dated June 11, 2007 that was mailed to shareholders.
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