Russia's Novolipetsk terminates deal to buy US-based DBO Holdings
DBO Holdings, the parent company of John Maneely Company (JMC), has informed that Novolipetsk Steel (NLMK), a Russian Steel producer, has terminated its agreement to buy DBO Holdings from The Carlyle Group, the world's second-largest private-equity firm.
DBO Holdings and NLMK entered into a merger agreement on August 12, 2008 for the sale of DBO Holdings to NLMK for $3.53 billion.
DBO Holdings filed a lawsuit on October 15th against NLMK in New York federal court because the steel company was taking too much time to close to deal. The suit is currently pending.
JMC is the largest independent tubular manufacturer in North America, with the most diverse product platform in the North American pipe and tube industry. Through its Wheatland and Atlas Tube divisions, it maintains #1 market position in North America in each of its three core product categories: Hollow Structural Sections (HSS), standard pipe and electrical conduit.