European Commission Clears the Proposed Merger Between Avesta Sheffield and Outokumpu Steel.Business Editors STOCKHOLM Stockholm (stŏk`hôlm'), city (1995 pop. 692,954), capital of Sweden and of Stockholm co., E Sweden, situated where Lake Mälaren flows into the Baltic Sea. , Sweden--(BUSINESS WIRE)--Dec. 4, 2000 The European Commission European Commission, branch of the governing body of the European Union (EU) invested with executive and some legislative powers. Located in Brussels, Belgium, it was founded in 1967 when the three treaty organizations comprising what was then the European Community has cleared the proposed merger between Avesta Sheffield AB (publ) and Outokumpu Steel Oyj to form AvestaPolarit after a careful analysis which showed that there would remain sufficient competition in the sector despite the high degree of concentration. The analysis was completed within the initial one-month period. The merger has also been approved by the relevant competition authorities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada. Notifications for approval are also being made in Brazil, Poland and South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. . The approval now enables the parties to move into the next phase with the aim of commencing the Exchange Offer on 19 December 2000, pending due Board and OMSE OMSE Office of Management Systems and Evaluation (EPA) approvals. In the Exchange Offer, Avesta Sheffield shareholders will be offered one Outokumpu Steel share for each Avesta Sheffield share. Prior to this a Prospectus concerning the Exchange Offer and AvestaPolarit will be published. |
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