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BlueScope seals $600m purchase of Smorgon's distribution business
Source: Metal Bulletin – August 3, 2007
BlueScope Steel has acquired fellow Australian steelmaker Smorgon Steel's metal distribution business (Smorgon Steel Distribution) for an enterprise value
of A$700 million ($600 million).
The Smorgon Steel Distribution businesses, including Metalcorp Steel, Metalcorp
Manufacturing and Impact Steel and Pipeline Supplies, will continue to trade under
their existing names, Bluescope said on Friday.
The transaction is part of the Smorgon Steel scheme of arrangement, which was
agreed among Smorgon, Bluescope and Onesteel Ltd and had recently been approved
by the Australian supreme court.
Under the three-way agreement, BlueScope, which owns a 19.9 percent shareholding
in Smorgon, has agreed to sell the stake to OneSteel, which is in the midst of buying
the rest of Smorgon's assets.
OneSteel has proposed a takeover of Smorgon by offering nine OneSteel shares for
every 22 Smorgon shares, as well as a special dividend of 6.23 cents a share.