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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 €268m (£228.3m) merger implementation agreement.
Under the terms of the deal, each Sylvania shareholder will receive one Ruukki share for every 1.81 Sylvania shares held.
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’ PGM division.