March 1, 2012 / 11:32 AM / 6 years ago

Outokumpu shareholders approve Thyssen deal

HELSINKI, March 1 (Reuters) - Shareholders of Finnish steel group Outokumpu approved on Thursday a 2.7 billion euro ($3.6 billion) plan to buy the Inoxum stainless steel business from Germany’s ThyssenKrupp.

The deal for the unit, expected to close by the end of 2012, will make Outokumpu the world’s top stainless steel producer. Analysts say it will help the company save costs and fend off competition from Asian rivals. ($1 = 0.7476 euros) (Reporting by Terhi Kinnunen; Editing by Will Waterman)

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