One Steel Ltd has reached an acquisition agreement with the Smorgon Steel Group. Australia’s second biggest steelmaker, One Steel will acquire Smorgon in a deal worth around A$1.58 billion or US$1.15 billion. According to the deal, the purchase will be made up of shares and cash. Smorgon shares have been valued at A$1.76 per share, adding a 31 percent premium to its latest trading price of A$1.34 per share. When the news of the agreement was made public, Smorgon shares rose 34 percent on yesterday. One Steel shares were up 3.5 percent. (June 27)