Monday 29 September 2008
OneSteel to acquire Steel and Tube
ONESTEEL is making moves to buy out Steel and Tube Holdings, and is hoping to do so within four weeks.
OneSteel is currently the largest shareholder in the company. It has offered to buy the rest of the shares for $4.00 cash per share, a total payout of $145m.
The Steel and Tube board is consulting with an Independent Adviser before it makes a formal recommendation to its shareholders.
According to OneSteel, the acquisition would allow it to simplify its corporate structure, and see the Steel and Tube business absorbed into its group as a brand.
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