Manufacturing Industry
Algoma exits Stelco bidding.(Steel)(Algoma Steel Inc.)(Brief Article)
Purchasing, March, 2005
Algoma Steel of Sault Ste. Marie, Ontario, has withdrawn its name from the list of bidders seeking to acquire Canada's largest steel producer Stelco of Hamilton, Ontario, saying the risks and obligations of such a deal aren't in its shareholders' interest. There is a $900-million benchmark refinancing proposal by Deutsche Bank and another offer being floated by TD Securities, the investment division of Toronto-based TD Bank.
Other bidders include a joint venture between Sherritt International and the Ontario Teachers' Pension Plan and Severstal of Russia also is reported to be a possible bidder. Stelco has received federal court extension of its bankruptcy protection to August 29, a delay that will give the company extra time to assess several...
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