Japanese steel giant Nippon Steel has completed its acquisition of majority stakes in two electric arc furnace steelmakers G Steel PCL and G J Steel PCL in Thailand by paying about USD 477 million in total. Nippon Steel paid USD 419 million to buy nearly half of G Steel and G J Steel, including debt, from a fund managed by Ares SSG and 1.957 billion baht (USD 58.45 million) for the tender. The deal, which combined a purchase of a stake from a fund and a tender offer, gives Nippon Steel a 60.23% stake in G Steel and 57.60% of G J SteelThe total number of shares tendered in the Tender OfferG Steel - 2,963,182,785 shares (equivalent to voting rights: 10.24%)G J Steel - 1,962,277,175 shares (equivalent to voting rights: 7.70%)Number of shares held before & after the Tender OfferG Steel - 49.99% & 60.23%G J Steel - 49.90% & 57.60%Nippon Steel had announced in January that it will buy Thai steelmakers G Steel PCL and G J Steel PCL in a deal worth up to USD 763 million, seeking to cut its reliance on blast furnaces that use coking coal and emit carbon dioxide
Japanese steel giant Nippon Steel has completed its acquisition of majority stakes in two electric arc furnace steelmakers G Steel PCL and G J Steel PCL in Thailand by paying about USD 477 million in total. Nippon Steel paid USD 419 million to buy nearly half of G Steel and G J Steel, including debt, from a fund managed by Ares SSG and 1.957 billion baht (USD 58.45 million) for the tender. The deal, which combined a purchase of a stake from a fund and a tender offer, gives Nippon Steel a 60.23% stake in G Steel and 57.60% of G J SteelThe total number of shares tendered in the Tender OfferG Steel - 2,963,182,785 shares (equivalent to voting rights: 10.24%)G J Steel - 1,962,277,175 shares (equivalent to voting rights: 7.70%)Number of shares held before & after the Tender OfferG Steel - 49.99% & 60.23%G J Steel - 49.90% & 57.60%Nippon Steel had announced in January that it will buy Thai steelmakers G Steel PCL and G J Steel PCL in a deal worth up to USD 763 million, seeking to cut its reliance on blast furnaces that use coking coal and emit carbon dioxide
