BlueScope’s Top Investor Backs Rejection of $8.8 Billion Offer
Scrap metal heated in a steel furnace at BlueScope Steel Port Kembla steelworks in Port Kembla, Australia.
Photographer: Brent Lewin/BloombergBlueScope Steel Ltd.’s largest shareholder, AustralianSuper, backed the company’s rejection of a A$13.2 billion ($8.8 billion) takeover approach from Steel Dynamics Inc. and Australian conglomerate SGH Ltd., saying it undervalued the business.
Long-time US suitor Steel Dynamics and Kerry Stokes-controlled SGH offered A$30 per share for BlueScope in a proposal that was rebuffed this week. AustralianSuper, the country’s largest pension fund, said it would only support an offer that was “materially higher” than that price, in an emailed statement Friday.