Austrian steel company voestalpine AG has completed the takeover of Boehler-Uddeholm, the steelmaker announced Tuesday.

Voestalpine holds now more than half of its competitor, the company said. This is one of the largest industry takeovers in Austrian history. voestalpine, the country's largest steelmaker, now holds at least 50 per cent plus one share of Boehler-Uddeholm, a listed steel producer about half its size.

Voestalpine detailed the merge, saying that a majority of Boehler shareholders took a takeover offer of 73 euros (98.5 dollars) per share that ended on Monday evening. The company has spent around 1.9 billion euros so far, but intends to take over 100 per cent of Boehler-Uddeholm. The total costs of 3.7 billion euros will be financed without a capital increase.

Voestalpine started its takeover bid by buying Boehler's former core shareholder, who held 21 per cent of the shares in March, afterwards making a cash offer for all remaining shares. Boehler will be completely integrated into the company, voestalpine said.

The Linz based voestalpine AG was formerly state-owned.