Evraz, Russia's leading steel and mining company, announced November 20 a deal to purchase Oregon Steel Mills, one of the most diversified steel manufacturers in North America, for $2.3 billion. The deal stipulated a cash offer by Evraz for all of Oregon Steel's common stock at $63.25 per share.
The original offer was expected to expire at 12:00 midnight New York time December 28.
Evraz earlier said it will buy the shares through its subsidiary, Oscar Acquisition Merger Sub Inc. After the deal goes through, Oregon Steel will become a subsidiary of Evraz.
As of December 27, Evraz Group agreed on acquiring 9,607,810 shares worth $607.7 million from Oregon Steel shareholders under the offer.
Jim Declusin, Oregon Steel Mills president and chief executive officer, earlier said: "We believe that this offer represents an attractive opportunity for Oregon Steel's shareholders to realize the value of their investment in the company. We are pleased to join with Evraz and become part of a leading global steelmaker, with complementary strengths and markets."
In August, Evraz Group, which produced nearly 14 million metric tons of steel in 2005 and posted revenue of $6.5 billion, sold 41% of its stock to U.K.-based Millhouse Capital, which manages Russian billionaire Roman Abramovich's assets. The company did not disclose the price, but experts valued the deal at $2.7-3 billion.
