Deals
In his first public remarks on Steel Dynamics’ takeover bid, CEO Mark Millett criticised BlueScope’s response to the offer and its performance in North America.
Fletcher's management has won praise for moving quickly to seal the $273 million sale to Paris-listed Vinci, but investors say tougher tests still lie ahead.
The steelmaker fired a fresh shot in its takeover defence, announcing a $1-per-share special dividend, but sources close to the bidders have dismissed the move as an act of desperation.
Rio Tinto laid out a new “stronger, faster, simpler” strategy just last month. Now its plans to create a sprawling mega miner through a merger with its Anglo-Swiss rival have been given an early vote of no confidence.
BlueScope’s emphatic rejection of SGH and Steel Dynamics’ bid has hardened positions. Market watchers think this may be just the start of the takeover saga.
Trump's aggressive tariffs ultimately led to the spurned $13 billion bid for BlueScope Steel. But an improved offer or a rival bid could see the price tag rise higher.
