Deals
BlueScope Mulls New $11 Billion Bid From Steel Dynamics, SGH
Hot roll coils are formed during the manufacturing of steel at BlueScope Steel Ltd.'s Port Kembla Steelworks, in Port Kembla, outside Sydney, Australia.
Photographer: Jeremy PiperAustralia’s BlueScope Steel Ltd. is considering a revised $11 billion takeover bid from Steel Dynamics Inc. and SGH Ltd. after rejecting a previous approach.
US firm Steel Dynamics and Australian conglomerate SGH announced a “best and final” proposal Wednesday raising their bid to A$32.35 a share, representing a total equity value of A$15 billion ($11 billion), the bidders said in a joint statement. BlueScope last month rejected an offer of A$30 a share.