Severstal Extends Offer for Celtic Resources
Severstal, Russia's vertically integrated steel producer, has announced the completion of the takeover of the Irish mining company Celtic Resources by its subsidiary Centroferve Limited, Severstal's statement reads. Severstal now controls 100% in Celtic Resources, which cost the company Ј62 million (€81 million). Severstal's last proposal of Ј2.9 per share evaluated Celtic Resources at Ј173 million (€232 million), however, the company eventually managed to buy part of the stake for less.