Outokumpu Sees In-Depth EU Probe Of ThyssenKrupp Stainless Deal-Report
04/29/2012| 10:41am US/Eastern
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Finnish stainless steel company Outokumpu Oyj's (OUT1V.HE) Chief Executive expects that receiving antitrust approval for its planned takeover of ThyssenKrupp's stainless steel operations by European Union cartel authorities could take up to early October, daily newspaper Handelsblatt reports ahead of publication Monday.
The European Commission will probably conduct an in-depth probe of the planned tie-up, Mika Seitovirta is quoted as saying.
"It could be concluded in September or at the beginning of October, " Seitovirta tells the newspaper.
Outokumpu and ThyssenKrupp agreed on the EUR2.7 billion transaction in late January. Under the deal, the Finnish company will takeover all of ThyssenKrupp's stainless steel operations, creating the world's leading stainless steel company.
ThyssenKrupp will take a 30% stake in the new global stainless leader.
Newspaper website: www.handelsblatt.com
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500.
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