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Banking

Mittal Steel Ostrava’s merger with its unit VPO approved.

Mittal Steel Ostrava’s merger with its unit VPO approved. The merger of steelmaker Mittal Steel Ostrava (MSO) with its 100% unit the pig iron producer Vysoke Pece Ostrava (VPO) has been approved by the Ostrava regional court, daily Hospodarske Noviny wrote. The merger, to be legally completed by Dec 31 and under which MSO will take over VPO capital, assets and liabilities, was approved at MSO AGM in July. We note that MSO became sole owner of VPO in February, when it acquired the remaining 33% in VPO. The merger is aimed at fulfilling the EU requirements for Czech Republic ’s steel industry restructuring.

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