19
Oct
11:20
BlueScope blocks Fletcher’s New Zealand acquisition
New Zealand Steel, an arm of Australia’s BlueScope, has agreed to buy a 16% stake in Steel & Tube. The move gives it the ability to block any purchase by Fletcher Building, which had made an offer to buy the steel distributor, Kallanish notes.
BlueScope has said however that it does not intend to take over Steel & Tube. It agreed to pay NZD 45.98 million ($30.31m) for its stake at NZD 1.75 per share. That is higher than Fletcher’s original of…
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Anonymous
Very good overview of the weekly steel market.
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