Tuesday, March 20, 2007

Australian steel giants in $4bn merger

AFTER almost nine months of haggling and abuse Australia's three big steel companies have finally agreed to a deal that will see OneSteel and Smorgon merge to form a $4 billion company, strengthening Australia's steel-making sector and consolidating the industry into two players.
In August, Bluescope tried to block the merger of its two biggest customers, but yesterday the company agreed to support a merger in return for buying Smorgon's metal distribution business for $700 million.
That deal is subject to two weeks' due diligence.

Link to Steel giants in $4bn merger | Business | The Australian


Technorati tags: , ,

No comments: