Australian steelmaker BlueScope Steel has confirmed it is considering a joint takeover bid valuing the company at A$13,2 billion, or approximately €7,56 billion. The offer comes from US steelmaker Steel Dynamics, in partnership with Australian company SGH, and represents the fourth takeover attempt by the American group.
Present in several regions of the world, including the South Pacific, BlueScope employs more than 16,500 people. The proposed plan involves SGH acquiring all of the shares of the Melbourne-based group before selling the North American operations to Steel Dynamics, while retaining the rest of the industrial operations.
A valuation still considered insufficient
In a statement released after market close, BlueScope indicated that it is analyzing this proposal in light of its own outlook, including the expected improvements in its productivity, costs, and cash flow. The group noted that it had already rejected three previous offers, believing they did not accurately reflect its value and growth potential.
For their part, Steel Dynamics and SGH maintain that their proposal offers an attractive premium to shareholders and an immediate exit under secure financial conditions. Discussions remain at an exploratory stage, with no timetable announced, while BlueScope continues its operations, notably in New Caledonia and several Pacific territories, where it has a long-standing presence.
