Swedes in multi-billion bid for Canadian steelmaker

The Swedish maker of speciality steel SSAB said Thursday it planned to buy Canadian group IPSCO for $7.7 billion.

In a statement it said the friendly takeover had been approved by IPSCO management.

On April 12 IPSCO was valued at about $6.13 billion on the New York Stock Exchange and the company last year produced about four million tonnes of steel.

It reported a net profit of $643 million.

SSAB shares were suspended on the Stockholm stock exchange in the late morning pending the announcement.