October 11, 2008

Wheeling Pitt shareholders approve merger with Esmark

It is reported that after a special shareholders meeting in Pittsburgh 93% of Wheeling Pittsburgh's shareholders voted in favor of a merger with Esmark.

Mr Jim Bouchard CEO of Esmark said that it has been a bitter two and a half year battle after the company began its hostile takeover of Wheeling Pitt.

He told his shareholders that at the beginning of the day, Wheeling Pitt's debt totaled 70%. But now that the merger has taken place, the debt has already been reduced to 40%.

Mr Bouchard said that at the end of the day Wheeling Pitt will no longer trade on the New York Stock Exchange. However Esmark will officially begin trading under the symbol ESMK.