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Sylvania and Ruukki merge

FINNISH metal components group Ruukki yesterday announced plans to snap up Australian platinum group metals (PGM) producer Sylvania Resources under a &euro;268m (&pound;228.3m) merger implementation agreement.<br /><br />Under the terms of the deal, each Sylvania shareholder will receive one Ruukki share for every 1.81 Sylvania shares held.<br /><br />Current Ruukki chief executive Alwyn Smit is to continue as chief executive of the enlarged group, while Sylvania chief executive Terry McConnachie will head up Ruukki Minerals&rsquo; PGM division.