Voestalpine AG, Austria's biggest steelmaker, agreed to buy specialty steel-producer Boehler- Uddeholm AG for 3.52 billion euros ($4.69 billion), foiling a bid by private equity company CVC Capital Partners Ltd.
Voestalpine will pay 69 euros a share for Boehler, according to a statement sent today to the Frankfurt stock exchange. The shares rose 47 cents, or 0.7 percent, to 72.47 euros today. Linz, Austria-based Voestalpine said it will buy an initial 21 percent stake from BU Industrieholding GmbH before completing the purchase by May 20.
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