Ontario court approves $1.6 billion Gerdau purchase of remaining share of Gerdau AmeriSteel

Ontario court approves $1.6 billion Gerdau deal

TAMPA, Fla. — An Ontario court has approved a $1.6 billion plan by Gerdau SA to acquire the remaining shares of Gerdau AmeriSteel Corp. that it does not own already.

The two companies said Friday that the Ontario Superior Court of Justice issued a final order approving Gerdau SA’s plan to buy the remaining shares for $11 each. The deal is expected to close Aug. 30.

Gerdau SA, based on Brazil, owns 66 percent of the Tampa-based Gerdau AmeriSteel shares. Gerdau AmeriSteel shareholders approved the plan earlier this week.

Gerdau SA shares closed up 59 cents, or 4.5 percent, to $13.75.