Evraz Group Bid to Acquire Highveld Steel and Vanadium Corporation

Evraz Group S.A. today announced an offer to acquire the entire issued share capital of Highveld Steel and Vanadium Corporation (“Highveld”), other than those shares already held by Evraz, for a consideration of US$11.40 per Highveld share. The consideration of US$11.40 per offer share will be converted to and payable in cash in ZAR on the basis of the conversion rate, which will be published by Evraz on the closing date.

At present Evraz owns approximately 54.1% of all outstanding shares in Highveld. Under South African law, Evraz is required to make a mandatory general offer to all shareholders of Highveld after its ownership position has exceeded 35%.

The offer is valid till 17:00 South African time on July 4, 2007 unless extended by Evraz in accordance with applicable laws and regulations. Evraz has obtained all necessary regulatory approvals and therefore the offer is not subject to any conditions.

Additionally, Evraz still has an option to buy the Credit Suisse shareholding of 24.9% in Highveld.

Commenting on the deal, Alexander Frolov, Evraz’s Chairman and CEO, said: “We believe the price we are offering to be fair and attractive. It reflects the growth of Highveld business and is approximately 31% higher than the price paid by Evraz to Anglo American – then equivalent to R62.36 – for a majority shareholding in the company. We believe that this price reflects the full value of the business of Highveld.”

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.