Allegheny Technologies (NYSE:ATI) said today it has agreed to acquire Ladish (LDSH) for $778 million. Ladish shareholders will receive $24 per share in cash, and 0.4556 shares of Allegheny stock. Allegheny said the acquisition better positions it to capitalize on secular growth trends in key markets.
Ladish shares are trading hgher by 56% today, while Allegheny shares are trading lower by just 0.5%.
Allegheny is the sixth-largest holding in the Steel ETF (AMEX:SLX), at 4.66% of the fund. UK-listed Rio Tinto is the top holding, at 12.38%, followed by Vale (NYSE:VALE) at 11.81% of the portfolio. Arcelor Mittal (NYSE:MT), Posco (NYSE:PKX), and Timken (NYSE:TKR) are also ahead of Allegheny in the holdings.
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