Metal Management, Sims merger clears waiting period hurdle

By Lisa Kerner

Charlotte, N.C., Oct. 30 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed merger of Metal Management, Inc. and Sims Group Ltd.

The companies announced a definitive agreement on Sept. 24 that gives Metal Management stockholders 2.05 Sims American Depositary Receipts for each share of Metal Management.

Both companies expect the transaction, valued at $1.6 billion, to close in the first quarter of 2008, according to a company news release.

It was previously reported that the newly formed company would be known as Sims Metal Management.

Metal Management is a full-service metal recycler based in Chicago. Sims is a metal recycler based in Sydney, Australia.

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