October 07, 2008

Quanex shareholders OK purchase by Gerdau SA

AP reported that steel products maker Quanex Corp shareholders approved the USD 1.67 billion purchase of the US company by Brazil's Gerdau SA. With about 90% of the shares represented, over 99% were voted for the deal, set to close.

As part of the transaction, Quanex Building Products Corp, which makes engineered building components, has been spun off from the parent and will replace Quanex Corp in the S&P SmallCap 600 after the close of trading Wednesday.

Gerdau, whose American Depositary Shares trade on the New York Stock Exchange, is one of the largest steel producers in the Western Hemisphere.