American Steel Dynamics and Australian conglomerate SGH have submitted a joint offer to buy BlueScope Steel Ltd., one of Australia's largest steel companies, valuing it at 13.2 billion Australian dollars ($8.8 billion).
Steel Dynamics has repeatedly tried to buy an Australian competitor that owns significant assets in the United States. The offer, which became known on Monday, was sent in mid-December, the partners have not yet received a response.
As noted in a press release from Steel Dynamics, BlueScope shareholders will receive 30 Australian dollars per share, which is 27% above the quote at the close of trading on December 12.
The structure of the deal involves SGH buying all of BlueScope's assets and then selling the North American business to Steel Dynamics. In the United States, BlueScope owns, among other things, a large
