Austrian steelmaker Voestalpine AG said Wednesday it has signed share purchase agreements worth ¤737 million (US$989.6 million) to give it a 20.95 percent stake in specialty steelmaker Boehler-Uddeholm AG. The deals signed Tuesday with the shareholders of BU Industrieholding GmbH, cover the purchase by Voestalpine of nearly 10.7 million shares in Boehler-Uddeholm AG, which correspond to 20.95 percent of Boehler-Uddeholm's voting stock, the company said in a statement. Voestalpine AG will pay ¤69 (US$92.60) per share, the Associated Press reported. The sale is based on the time schedule and conditions of a March 29 agreement-in-principle between Voestalpine and BU Industrieholding GmbH and are subject to merger-related approvals only, the statement said. Boehler-Uddeholm shares fell 1.4 percent to ¤73.44 (US$98.60) and Voestalpine shares dropped 2.3 percent to ¤52.75 (US$70.80).
