Business Services Industry
Sth Korea sniffing around BlueScope.
Australasian Business Intelligence, June, 2007
Byline: Andrew Trounson
Jun 12, 2007 (The Australian - ABIX via COMTEX) -- The recent regulatory approval for a restructuring of the steel sector in Australia may have brought back a predator from overseas. BlueScope Steel, which was spun off from BHP Billiton in 2002, had at that stage received an approach from major South Korean conglomerate Posco that ended without any results. However, Posco is now believed to have voiced its interest in an acquisition again, following the agreement between BlueScope and competitor OneSteel to divide the assets of $A2.4bn entity Smorgon Steel between them. BlueScope's relatively high stock price of around $A10.39 in mid-June 2007 however could be a hurdle. Posco is also attempting to take over Consolidated Minerals in...
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