Nordic Business Report-April 25, 2006-Rautaruukki Corporation to sell its Nordic reinforcing steel business
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Finnish value-added steel manufacturer Rautaruukki Corporation, also known as Ruukki, said on Tuesday (25 April) that it had signed an agreement to sell its Nordic reinforcing steel business to BT Norway AS, a 100% subsidiary of Bosian Time S.L.
The price for the shares is EUR123m including a pre-closing dividend to Rautaruukki. The price would be adjusted based on the accounts at closing.
The Nordic reinforcing steel business comprises Fundia Armeringsstal AS operating steel and rolling mills in Mo i Rana, Norway and distribution and manufacturing service companies Fundia Betoniterakset Oy in Finland, Fundia Armering AB in Sweden, Fundia Armering AS in Norway and Fundia Armering A/S in Denmark.
Bosian Time S.L. is an investment vehicle wholly-owned by Francesc Rubiralta Rubio, whose family are the controlling shareholders of Celsa Group, a steel long-products producer in Spain, Poland and the United Kingdom.
One euro (EUR) is worth approximately 0.69 British pounds (GBP).
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