EUROPEAN PLAN FOR STEEL GIANT CLEARS FINAL HURDLES

摘要

The merger to create the world's largest steel company cleared the final hurdles last week and is set to go ahead little changed from the deal put together by Usinor, Arbed and Aceralia at the beginning of the year. The partners made a series of adroit deals with the European Commission and shareholders to bring the project unscathed to its next stage-the start of a share offer in mid-December the offer to create the steel giant will end in February when the group will start to trade under a name due to be announced by the end of the year.The partners welcomed the Commission's announcement on November 21 to approve the merger subject to conditions. The main effect of the ruling will be to cut back the new company's share in the European galvanized steel market to about 35 percent from over 40 percent. The terms, which will also trim distribution capacity, were much as expected, say industry analysts. But there was surprise that the EU did not target cold rolling facilities. Cold rolling capacity was included, along with the other two issues, in the Commission's statement of objections in September.