Sumitomo Gets FTC OK On $340M Steel Wheels Buy

Law360, New York (August 18, 2011, 8:12 PM EDT) -- The Federal Trade Commission on Wednesday gave a green light to Sumitomo Metal Industries Ltd.’s $340 million acquisition of Steel Wheels Acquisition Corp. from Trimaran Capital Partners, finding that the deal presented no antitrust concerns.

The agency granted early termination under the Hart-Scott-Rodino Act of its antitrust review of the deal, which Japan-based Sumitomo Metal announced June 27.

The company is now poised to buy Steel Wheels, which owns Pennsylvania-based Standard Steel LLC, one of the leading makers of railway wheels and axles in North America....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.