SGH, controlled by the Stokes family, and US-based Steel Dynamics have renewed their pursuit of BlueScope with a revised takeover offer. The consortium is now offering $32.35 a share for the Australian steelmaker, representing a 14 per cent increase over their initial proposal. This values BlueScope at approximately $15 billion.
BlueScope is a leading international steel manufacturer with operations spanning Australia, New Zealand, Asia, and North America. The company produces a wide range of steel products and solutions for various industries, including building and construction, manufacturing, and infrastructure.
In other news, Santos announced a 35 per cent drop in profit due to weaker oil and gas prices. The fossil fuel producer plans a strategic review of its Australian integrated business this year. Higher costs for new projects offset modest gains in production. Elsewhere, National Australia Bank (NAB) reported better-than-expected profits, while private health insurers are set to lift premiums. Endeavour Group has also named a new chair.
