Swedish steel maker SSAB on Thursday unveiled its plan to buy the Canadian IPSCO Inc with an offer of 7.7 billion U.S. dollars.

Recommended by the boards of both companies, the deal could be translated into 160 dollars per share, according to a statement released by SSAB.

With the acquisition, SSAB expects to gain a platform for future expansion in North America and a significant accretion to its earnings and cash flow, with after-tax synergies hitting a yearly 89.2 million dollars.

The transaction still needs to be approved by two-thirds of IPSCO shareholders.

Source: Xinhua