Last Updated January 25, 2008
Evraz Group in Russia has completed its acquisition of Claymont Steel. It has merged Titan Acquisition Sub, an indirect wholly owned subsidiary of Evraz, with and into Claymont Steel. This means Claymont Steel has now become an indirect wholly-owned subsidiary of Evraz.
This latest announcement follows the news on January 17, 2008, of the closing of a cash tender offer by Titan Acquisition Sub to purchase all outstanding shares of common stock of Claymont Steel for US$23.50 per share. Approximately 96.6% of the shares were tendered, and payment has been made for the tendered shares. (Click here to read more about Evraz's acquisition activity in GTR eNews, December 14, 2007)
The Russian steel company is also in the market raising a US$3.214bn structured multi-tranche credit facility, incorporating one of the largest pre-export tranches seen in the Russian market over the last 12 months. The funds are being raised by ABN Amro, as the coordinating bank, and nine other MLAs: Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, BNP Paribas, Calyon, Commerzbank, Deutsche Bank, ING Bank, SMBC and UBS (Click here to read more on the deal in GTR eNews November 29, 2007).
Reader Comments