SSAB AB (PUBL) has obtained ownership of all the shares in Rautaruukki Corporation and the shares will be delisted
November 20, 2014 9:30 CET 6 min read
The arbitral tribunal appointed by the Redemption Board of the Finland Chamber of Commerce has today confirmed in an interim award that SSAB AB’s (publ) (“SSAB”) redemption right in accordance with the Finnish Companies Act over the minority shares in Rautaruukki Corporation (“Rautaruukki “) is clear, and that SSAB is entitled to obtain ownership of Rautaruukki’s minority shares by posting a security approved by the arbitral tribunal for the payment of the redemption price and the interest accruing thereon.
SSAB has today posted a security approved by the arbitral tribunal and thus obtained ownership of all the shares in Rautaruukki in accordance with Chapter 18, Section 6 of the Finnish Companies Act. After the security has been posted, the minority shareholders of Rautaruukki are entitled to receive the redemption price and the interest payable thereon. The final arbitral award, which will set out the redemption price, will be issued by the arbitral tribunal at a later stage.
Upon application by Rautaruukki, NASDAQ OMX Helsinki Ltd (the “Helsinki Stock Exchange”) has decided to delist the Rautaruukki shares from the Official List of the Helsinki Stock Exchange when the ownership of all shares in Rautaruukki has been transferred to SSAB. Trading in Rautaruukki’s shares and Rautaruukki’s listing on the Helsinki Stock Exchange will thus cease on or about 20 November 2014 in accordance with a separate release to be published by the Helsinki Stock Exchange.
SSAB’s class A and class B shares are listed on Nasdaq Stockholm and, on a secondary listing basis, on the Helsinki Stock Exchange.