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November 4th, 2009
- Mergers
Tulsa Oklahoma - Reel-O-Matic and Tulsa Power Merge
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| Two leading U.S. manufacturers of reel handling equipment for processing and distributing cable, wire and other flexible materials have merged. Tulsa Power Holdings Corp and Reel-O-Matic Inc. will maintain manufacturing facilities in Oklahoma City and Tulsa, Oklahoma respectively. All key personnel will remain the same at each location, with Terry Simmons as president of Reel-O-Matic, and Mike Spence as CEO of Tulsa Power.
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September 22nd, 2009
- Mergers
Amsterdam The Netherlands - Prysmian and Draka calls off takeover talks
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Cable maker Prysmian called off talks to take over Dutch peer Draka Holding NV . In brief, separate statements late on Thursday September 10, Prysmian and Draka said they could not reach agreement on the main terms and conditions.
Prysmian said: With reference to the press release issued on 29 June 2009, the Board of Directors of Prysmian S.p.A. informs that the discussions with Draka Holding N.V. in relation to the possible combination between the two companies, to be implemented through a share per share cross-border statutory merger with Prysmian S.p.A. as surviving entity, have been terminated as the parties could not reach an agreement on the terms and conditions of the transaction. Prysmian S.p.A., consistently with its growth strategy, will continue to consider other possible opportunities.
Draka Holding N.V. said: Further to our press release of 29 June 2009, the Board of Management and the Supervisory Board of Draka Holding N.V. (‘Draka’) hereby inform that the discussions on a possible combination with Prysmian S.p.A. (‘Prysmian’), to be implemented through a share for share cross-border statutory merger with Prysmian as surviving entity, have been terminated. The parties could not reach agreement on the main terms and the conditions of the proposed merger.
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June 12th, 2009
- Mergers
Tianjin, China - Steel Maker Merger Slated in Tianjin
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Tianjin government is considering merging four steel makers into one large group with an annual capacity approaching Baosteel Group Corp, China's largest steel maker, as part of a government-backed plan to push for a consolidation in the industry, China Business News reported.
Industry analysts say the plan is needed to transform a fragmented industry of small producers into one of fewer, but larger, units, so that steel makers will be better able to compete with larger rivals in Europe and America.
The consolidation will take place between Tinajin Tiantie Group, Tianjin Tiangang Group Corp, Tianjin Pipe Group Corp and Tianjin Metallurgy Group Corp, all the dominant players in the local market in Tianjin."Before the new company is set up, there will have to be a management reshuffle at the companies," said a source from Tianjin Tiantie Group Corp." The launch of the new company is slated to take place before May, but the timing is not yet sure".
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March 30th, 2009
- Mergers
Tokyo Japan - Furukawa announces integration of sales of general-purpose electric wires for Construction and electrical appliances markets.
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| The Furukawa Electric Co., Ltd. (Furukawa) and SWCC Showa Holdings Co., Ltd. (Showa HD) has agreed to integrate their sales divisions for general-purpose electric wires for the construction and electrical appliances markets. The main companies to be integrated are Furukawa Elecom Co., Ltd. (Furukawa Elecom), a wholly owned subsidiary of Furukawa, and the Sales Division for general-purpose electric wires for the construction and electrical appliances markets and equipment associated with electric wires of SWCC Showa Cable Systems Co., Ltd. (Showa CS), a wholly owned subsidiary of Showa HD. Consultations with the Fair Trade Commission about the integration have already been held. For full press release use this link
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January 21st, 2009
- Mergers
Tokyo Japan - Furukawa Showa merger plans denied
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| Furukawa Electric Co., a Japanese wire and cable maker, said it was not the source of a media report that it is in talks with chemical product maker Showa Denko KK to merge their aluminum operations. Showa Denko denied the report. Tokyo-based Furukawa said “nothing has been officially decided” in a statement to the Tokyo Stock Exchange. The company’s listed aluminum unit, Furukawa-Sky Aluminum Corp., called the report “speculation” in a separate statement. Showa Denko, also based in Tokyo, said in a third statement the report was “not factual.”
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November 6th, 2008
- Mergers
Rutland, Vermont - Carris Reels and J. Hamelin Industries announce partnership agreement.
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Carris Reels of Rutland, Vermont and J. Hamelin Industries of Montreal, Canada are pleased to announce the conclusion of a partnership agreement. Carris has purchased a 50% ownership of this 2nd generation family business from Mr. Guy Hamelin, who will retire after more than 50 years of service. Harold Stotland, who holds the other 50%, will continue as Hamelin’s president and CEO.
For over 70 years, Hamelin has been a leader in wire and cable packaging in Canada and is recognized as an innovator of reel return programs, reel repairs, and reel-tracking systems. Hamelin’s head office and manufacturing plant is located in Boisbriand, Quebec, approximately 20 miles from Montreal. Hamelin also operates repair and assembly facilities in Chambly, Quebec, Bowmanville, Ontario, and Worcester, Ma.
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November 4th, 2008
- Mergers
Los Gatos/Freemont California - Cable Connection and Wilco Wire Technology announce strategic merger.
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| Cable Connection, a manufacturer of custom cables and wire harnesses and Wilco Wire Technology, a manufacturer specializing in OEM cable assemblies and harnesses today announced that they would merge, becoming one of the largest providers of custom cables and wire harnesses on the West Coast. "The combined company will be located in the former Wilco facility in Fremont, California and will operate under the Cable Connection company name," stated Greg Gaches, CEO and President of Cable Connection. The companies also announce strategic representation agreement with leading manufacturer representative Norcomp, increasing customer access to greater product capabilities The merger brings some distinct business advantages to the companies and their combined customer base including: Manufacturing access for high volume customers to Cable Connection's off-shore capabilities in China.
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May 20th, 2008
- Mergers
Kolkata India - Ramsarup sees huge savings following Manish Basu merger
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| Ramsarup Industries Ltd, the second largest steel wire manufacturer in the country after Tata Steel, is looking at saving an estimated Rs 275 crore a year in raw material costs after merging its group company Lohh Udyog with itself, the company~{!/~}s CFO, Naveen Gupta, told Business Line. Lohh Udyog, which is slated to start producing 6.91 lakh tonnes of steel billets annually at its Kharagpur plant from April 2009, will fully meet Ramsarup Industries~{!/~} steel wire requirement at its Durgapur and Kalyani steel wire-manufacturing units, he said.
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February 14th, 2008
- Mergers
Brussels Begium - Steel industry renews call for review of BHP/Tinto merger
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| The International Iron and Steel Institute (IISI) has today renewed its formal request that all relevant competition authorities review the proposed alliance between BHP Billiton and Rio Tinto. Speaking on behalf of steel producers worldwide, IISI Secretary General Ian Christmas said: "Following the recent tabling of a revised formal offer from BHP Billiton for Rio Tinto we are again calling on competition authorities to seriously examine the obvious implications for future pricing regimes and the competitive environment for iron ore. We note comments published in the media that price will be a key element in the outcome of this bid. In our view it is wrong to focus on a theoretical price of purchase, a far more critical issue is the inevitable rise in prices this merger would bring following such an elimination of competitive choice. This merger is not in the public interest and should not be allowed to proceed." Concluding, Ian Christmas said: "As we said in our first statement, IISI supports free and fair trade in steel. Competition between steel companies promotes innovation and efficiency. It promotes the growth in steel use and serves steel~{!/~}s customers and society as a whole. IISI has also supported the consolidation of steel businesses but not to the extent of endangering competition. Even the largest steel company in the world today accounts for less than 15% of total world steel production. We stand ready to provide access to our data to help competition authorities review the impact of such a merger."
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January 9th, 2008
- Mergers
Mumbai India - RPG Group companies to merge with KEC International
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| Two RPG Group companies - RPG Transmission Ltd and National Information Technologies Ltd (NITEL) - would merge with KEC International Ltd by February. KEC is also part of the RPG Group and is a global player in the power transmission infrastructure market. Ramesh Chandak, Managing Director of KEC, told Business Line that by February-end all the regulatory and legal process would be in place and the merger would be completed. Post-merger, KEC will have a turnover of Rs 3,000 crore and promoter holding of 40 per cent. Currently, the promoters~{!/~} stake is 34.61 per cent.
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August 29th, 2007
- Mergers
Amsterdam Netherlands - Mittal shareholders approve first part of Arcelor merger
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| Shareholders of Mittal Steel Co. NV overwhelmingly approved the first phase of the company's A30 billion (US$41 billion) merger with Arcelor SA, the companies said Tuesday. As expected, shareholders of the family controlled company voted by a margin of 98.8 percent in favor of merging Mittal with a wholly owned subsidiary, ArcelorMittal NV. The deal will close Sept. 3 and Mittal shareholders will receive 1 share of ArcelorMittal for each share of Mittal they now hold. Details of how Luxembourg-based Arcelor SA will join ArcelorMittal to create the world's largest steel company are still pending.
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August 28th, 2007
- Mergers
Luxembourg/Rotterdam Netherlands - Paris Court OKs ArcelorMittal contested merger deal
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| ArcelorMittal Mittal Steel Company N.V. likely noted with relief Monday's decisions by the District Court of Rotterdam and the Tribunal de Grande Instance of Paris which rejected the attempts by certain minority shareholders in Arcelor to prevent the merger of the two companies based on the announced terms. An Extraordinary General Meeting of shareholders of Mittal Steel Company N.V. will be held, as previously announced, at 1400 CET tomorrow, 28 August 2007, at the Hotel Okura Amsterdam in Amsterdam, to resolve on the first step in the merger process.
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August 25th, 2007
- Mergers
Saddle Brook New Jersey - TE Wire & Cable joins Marmon Wire & Cable
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| Marmon Wire & Cable LLC has acquired R² Technologies, LLC, which operates as TE Wire & Cable, a leading manufacturer of thermocouple wire and cable product for customers worldwide. Marmon Wire & Cable comprises a dozen companies that manufacture and market wire and cable products for energy related markets, residential and non-residential construction and a wide range of other industries. Henry West, President of Marmon Wire & Cable LLC, said the acquisition would benefit both companies. "TE Wire & Cable will gain access to the collective expertise and experience of the Marmon organization," Mr. West said. "Drawing on Marmon's resources, TE Wire & Cable will continue to grow in service to its customers. In return, Marmon gains a highly skilled team of people with a reputation for quality products and services and strong relationships with global customers who rely on TE Wire & Cable to provide critical temperature measurement solutions." Continuing as President of TE Wire & Cable is Raymond Sobieski, who has more than 20 years of manufacturing experience. TE Wire & Cable has its headquarters and manufacturing operations in a 75,000-square-foot plant in Saddle Brook, New Jersey. The company produces thermocouple wire, thermocouple extension cables, copper instrumentation and control cables as well as its patented Accuclave® autoclave thermocouple. Marmon Wire & Cable businesses include such industry leaders as Aetna Insulated Wire, Cable USA, Cerro Wire, Comtran, Dekoron Wire & Cable, Dekoron Unitherm, Harbour Industries, Hendrix Wire & Cable, Kerite, Owl Wire & Cable, PMC and Rockbestos-Surprenant. Marmon Wire & Cable businesses are members of The Marmon Group, an international association of more than 125 business units that operate independently within diverse business sectors and have collective revenues of $7 billion.
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July 13th, 2007
- Mergers
Toronto Ontario Canada - Rio Tinto, reaches US$38.1-billion merger deal with Alcan
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| Anglo-Australian mining giant Rio Tinto has tabled an all-cash offer for Montreal-based Alcan Inc. valued at US$38.1-billion. The friendly takeover deal will create the world's biggest aluminum producer. "(It's) pretty much a knockout bid," BNN's Michael Kane said Thursday. "(But) it's always possible that Alcoa or perhaps one of the other mining companies could step in with a counter-offer." Alcan's board of directors has unanimously recommended that shareholders accept Rio Tinto's all-cash offer of US$101 per share. The offer represents a premium of 32 per cent over the current share value of US$76.03. The new company will be called Rio Tinto Alcan and will be based in Montreal and headed by Dick Evans -- the current president and CEO of Alcan. In a statement released Thursday, Evans said the merger will create "a new global leader in the aluminum industry.'' "As we move ahead together, we will remain true to our shared values, including commitments to the environment, health, safety and sustainability, and our focus on creating value,'' Evans said. "I am personally delighted and excited by the opportunity of leading the new larger aluminum group, Rio Tinto Alcan." The deal comes as Alcan had been trying to fend off a hostile US$28-billion takeover bid from Alcoa Inc., based out of Pittsburgh. Rio Tinto employs about 4,300 people in Canada and has 32,000 workers worldwide. The London-based company plans to take the bid before regulatory authorities before July 23. The deal will need the approval of two-thirds of shareholders to be approved. Alcan has 68,000 employees and operates in 61 countries.
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July 5th, 2007
- Mergers
Oslo Norway - Norway's ODIM AS to merge with OHI AS
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| Norwegian technology company ODIM ASA said on Monday (2 July) that the boards of ODIM ASA, ODIM AS and OHI AS have agreed to propose to the general meetings of the companies that OHI merges with ODIM AS. ODIM AS will be the acquiring company and OHI the acquired company. Shares will be issued in ODIM ASA as payment to the shareholders of OHI, ODIM said. ODIM ASA already owns about 85% of the shares in OHI and the merger has been prompted by a desire to simplify the company structure in order to achieve more rational management of operations in OHI, the company said. OHI is valued at NOK56m and ODIM ASA at some NOK3.18bn. The conversion ratio between their shares reflects these valuations. OHI is the parent company of OHI Fiber Optics AS, which embraces receivables and technology relating to laying fiber optic cables.ODIM, headquartered in Hareid in Norway, develops advanced automated handling solutions, primarily cable handling systems and winches. ODIM is listed on the Oslo Stock Exchange and traded under the ticker 'ODIM'. One British pound (GBP) is worth approximately 11.86 Norwegian kroner (NOK).
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June 26th, 2007
- Mergers
Hamburg/Brussels - Norddeutsche Affinerie AG makes an all cash take-over bid for Cumerio
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| Norddeutsche Affinerie (NA) and Cumerio announce today that they intend to combine their business activities to form the leading European integrated copper production and processing group with combined pro-forma revenues of € 9.1 billion. NA will make a public tender offer in cash for all outstanding shares of Cumerio. NA will offer € 30.00 in cash for each Cumerio share, valuing Cumerio at a total equity value of € 777 million. The two companies together produce about 1 million tonnes of copper cathodes annually and
employ about 4,600 people. The combination will benefit from an excellent strategic and regional fit and creates a strong platform to pursue an internationalization strategy. With production sites in Germany, Belgium, Bulgaria, Italy and Switzerland the combination forms the first truly European copper company and offers a significant potential to optimize utilization and productivity of facilities and pursue further growth opportunities. There are no plans to close any of the current production facilities as a result of the combination. The new group will have a strong presence in Western Europe with locations close to 70 per cent of customers in the region. For full press release use this link
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June 23rd, 2007
- Mergers
Brussels Belgium - Cumerio in merger talks
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| Cumerio one of Europe's leading independent copper companies said in a press release Friday: "Following today's evolution of Cumerio's share price, the company would like to make the following statement. Cumerio is in advanced discussions with a view to combining its business activities with another party. However, Cumerio would like to stress that there can be no assurance that those discussions will lead to a transaction. In accordance with its obligations in terms of communication, Cumerio shall provide further information to the financial markets at the appropriate time".Cumerio a major wire rod producer has a total copper products capacity in excess of 500,000 tonnes per year. Cumerio is headquartered in Brussels and has industrial operations in Belgium, Bulgaria, Italy and Switzerland. Cumerio currently employs about 1,450 people and generated a turnover of €3.4 billion in 2006. For more information contact:
Frank Vandenborre Phone +32 2 227 12 26 Mobile +32 477 477 242 Frank.vandenborre@cumerio.com Cumerio sa/nv Broekstraat 31 Rue du Marais 1000 Brussels Belgium Tel +32 2 227 12 22
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February 21st, 2007
- Mergers
Tokyo Japan - Shareholders set to oppose Tokyo Kohtetsu merger plans with Osaka Steel
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| Tokyo Kohtetsu Co. which makes steel bars and wire, said in October Osaka Steel Co., a unit of Nippon Steel, had agreed to buy the company. As of Friday it appears likely Steelmaker Tokyo Kohtetsu Co. will see its plan to become a subsidiary of Osaka Steel Co. rejected by its shareholders as Ichigo Asset Management Ltd., an independent investment fund, who said it has won more than 31 percent of shareholder votes against the resolution. Ichigo made the announcement ahead of an extraordinary general meeting to be convened by Tokyo Kohtetsu next Thursday to seek shareholder approval for the plan. Anticipating an increase in imports of inexpensive steel products from China and other low-cost suppliers, Tokyo Kohtetsu decided to become a wholly owned subsidiary of Osaka Steel at the end of March through an equity swap deal to exchange each Tokyo Kohtetsu share for 0.228 of an Osaka Steel share. Ichigo came out against the deal on the grounds that the estimated value of Tokyo Kohtetsu is too low. It began soliciting proxies from shareholders on Feb. 2 in a bid to reject the share exchange deal.
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February 5th, 2007
- Mergers
Sydney Australia - OneSteel, Smorgon put proposed deal to regulator
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| Planned merger partners OneSteel and Smorgon Steel plan to submit their revised $1.7billion merger deal to the Australian Competition and Consumer Commission next week. The ACCC now appears set to be the final arbiter in the long-disputed restructure of Australia's steel sector, after OneSteel and Smorgon yesterday committed themselves to going ahead with the revised deal and dropping their preferred merger plan. While the ACCC this week approved the first stage of the revised deal - the merging of OneSteel and Smorgon's steel pipe and tube manufacturing businesses - that does not amount to approving the full merger. Interloper BlueScope Steel, which bought a 19.9 per cent blocking stake in Smorgon in order to deal itself into the original merger talks, has effectively been dealt out by the revised plan. That is because the new proposal envisages leaving as a listed entity a rump Smorgon business based on its distribution operation. The rest of the assets, some $1.1 billion worth, would be tipped into OneSteel. That deal only needs majority shareholder approval, against the 75 per cent approval needed for the previous deal that BlueScope had a good chance of scuppering. The new proposal reflects the failure of the three companies to agree on a new structure for the Australian steel sector, with BlueScope anxious to stop the two largest buyers of its coiled steel joining together without concessions.
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December 13th, 2006
- Mergers
Phoenix Arizona - Phelps Dodge merger deal hits snag
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| Saying that the proposed merger between Phelps Dodge Corp. and Freeport-McMoRan Copper & Gold Inc. undervalues Phelps Dodge, a hedge fund with a 5.1 percent stake in the copper mining firm will vote against the deal, the Associated Press and other news organizations reported Monday. According to reports, Steven A. Cohen, leader of the hedge fund SAC Capital Partners, said in an SEC Form 13D filing that the proposed merger is not a good fit, and that it undervalues Phoenix-based Phelps Dodge and creates disproportionate value for stockholders of Freeport-McMoRan. SAC Capital Partners owns 10.3 million shares of Phelps Dodge, which it spent $464 million to acquire. Under the terms of the $25.9 billion merger deal, Phelps Dodge stockholders would receive $88 per share in cash, plus .67 shares of Freeport-McMoRan common stock. According to a report from Seeking Alpha, SAC Capital Partners said that the merger amounts to a public recapitalization using the Phelps Dodge balance sheet to fund the transaction. As of early Monday afternoon on Wall Street, Phelps Dodge shares were trading at $123.20, down 47 cents on the day.
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October 14th, 2006
- Mergers
Moscow, Russia - Evraz looking to buy assets overseas to integrate forward.
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In an interview with RIA Novosti . Mr Pavel Tatyanin CFO of
Evraz denied earlier merger reports (see wire
news March 22 Corus in merger talks with Russia's Evraz )
instead Evraz Group is looking to buy
assets outside Russia, Mr Pavel Tatyanin told RIA Novosti. Tatyanin
"As for our international operations, there are several
interesting units we are looking to buy. These are units that
fit into our general down stream acquisition logic, units complementary
to our export of slabs from Russian subsidiaries." Mr Tatyanin
said "The Company is not holding talks on a merger with
anyone at this point. We are not looking at Russian assets as
we are busy completing our investment program at Russian metals
units, and there is enough to do here in terms of further cost
cutting."
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August 25th, 2006
- Mergers
Moscow - Rumor of pending Russian aluminum merger
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| Russia's two biggest aluminum makers are planning to combine in a deal that will create one of the world's largest producers of the metal, the Kommersant business daily reported Monday. OAO Rusal and Sual Group will announce the deal in October, the newspaper reported. Neither company would comment on Monday. Rusal produced 2.7 million tons of aluminum and Sual produced 1.05 million tons last year. The combined company's output would rival that of Alcoa Inc. and Canada's Alcan Inc., which each produce around 3.5 million tons per year.
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August 19th, 2006
- Mergers
Shanghai China - Birth of mergers in China steel industry tougher than it seems
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| Mergers and acquisitions have been slow to take hold in the Chinese steel industry, even though Beijing has been pushing for more than two years for hundreds of mills to consolidate into a modern and efficient industry. One reason is the difficulty in valuing Chinese steel assets, but mergers are also hampered by China’s unique mix of centralized planning and cut-throat market competition. In a recent meeting of the China Iron and Steel Association, secretary general Luo Bingsheng said he was dissatisfied with the slow pace of mergers between big Chinese mills. A report from Fitch Rating said that Chinese government’s efforts to improve the competitiveness of its steel industry may be thwarted as many merger proposals in the sector have been directed by provincial governments rather than the mills themselves. It said that the provincial government driven M&A activities will prolong the industry rationalization and delay improvements in overall competitiveness and efficiency.
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August 18th, 2006
- Mergers
Hickory North Carolina - CommScope derails telecom merger, then abandons bid
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| Comscope the manufacturer of co-axial cable for communications networks, abandoned its $9.50-a-share cash bid for Andrew Corp after the wireless equipment vendor rejected its takeover offer. The US-based company said it would not pursue the bid, valued at $1.5bn, but declined to give a reason for the withdrawal. Andrew, a maker of equipment for wireless communications networks, broke off an agreement to be acquired for stock by rival ADC Telecommunications earlier this week but some analysts said it may still want a partner due to industry consolidation and could be waiting for a higher bidder. The value of that deal had fallen by almost half since it was announced at the end of May as shares in ADC, which makes equipment for both fixed and wireless networks, shares sank. “After careful consideration with our advisers, CommScope has decided not to pursue its proposal to acquire Andrew Corp at the present time,” CommScope said. A merger between Andrew and CommScope according to analysts could have helped cut procurement costs of copper and plastic.
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August 16th, 2006
- Mergers
Shanghai China - Baosteel & Bayi Steel reported to be negotiating merger
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| It is reported that Baosteel Group has accelerated the pace of takeover talks with Bayi Steel as China’s steel industry consolidation gathers pace and Ms Xie Qihua chairwoman of BaoSteel is visiting China’s western region of Xinjiang for takeover negotiations with Bayi Iron and Steel Group, parent of listed Bayi Iron and Steel Co. Baosteel, parent of Baoshan Iron and Steel Co and Bayi signed a cooperation agreement in March. They said then it would lead to a takeover, but did not give a timetable. The deal gives Baosteel access to Central Asian markets for construction steel, as well as Bayi’s coal and iron ore reserves. Bayi has an annual capacity of 3 million tonne of long products and has nearly completed a mill with an additional capacity of 3 million tonne of flat products. Mittal Steel is also reported to have approached this mill for take over 2 years ago.
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June 13th, 2006
- Mergers
Luxembourg - Summery of latest development - Arcelor sticks with Severstal but offers rebel shareholders a vote.
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| Luxembourg steelmaker Arcelor on Sunday night formally rejected a €25.8bn (£17.7bn) bid for the company made last month by Mittal Steel but offered disgruntled shareholders a chance to argue their case. It also said it was prepared for directors to meet with Mittal to discuss a possible improved offer. Arcelor reiterated that it planned to go ahead with an agreed merger with Severstal of Russia to form the world's biggest steel producer. However, in a statement issued on Monday, the board said it had called a meeting for June 30 at which the deal with Severstal would be thrown out if those controlling 50 per cent or more of the shares voted against it. The board statement said it believed the attempt to block the Severstal tie-up was really intended to secure a deal with Mittal. It said the suggestion that the Severstal deal should be approved by holders of two-thirds of shares “would mean that a small fraction of Arcelor’s shareholders ... [would] be given the right to eliminate this alternative”. Opponents of the combination with Severstal would now have two opportunities to express their views, at the June 30 meeting and by tendering into the Mittal offer, the board statement said.
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June 2nd, 2006
- Mergers
Moscow Russia - Arcelor-Severstal merger proof of global trust in Russia
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| Arcelor, the world's No. 2 steel company headquartered in Luxembourg, and Severstal, the largest Russian steelmaker, have announced a merger. This is breaking news - the transaction will create the world's steel champion and the most profitable steel company with annual turnover of 46 billion euros and an output of 70 million tons (6% of the world's total, whereas today Russia's share on the global steel market is 5.2%, or 60 million tons). What will the two companies gain from this merger? Same question can be asked about the hostile takeover bid by Mittal? Severstal principal shareholder Alexei Mordashov, 40, said the talks with Arcelor had been launched four years ago, which implies a mutual interest. Like Arcelor, Severstal turns out automobile body sheet, which is a VAT product (the combined company will account for 22% of its global production), and large-diameter steel pipes. Secondly, Severstal has low costs and a high quality output. Arcelor is also satisfied with Severstal's foreign assets, notably Italian Lucchini and Severstal North America.
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May 23rd, 2006
- Mergers
Brantford - It is not over until the fat lady sings
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| Since January 27when Lakshmi Mittal stunned the steel world with his unsolicited bid for Acelor, the newspapers have been filled with daily reports on the twists and turns of this acquisition attempt. Very little has been written or speculated about the motives behind the bid or advantages with the merger of the two largest steel companies into one gigantic entity that would, at least initially, account for over 10% of the world's combined steel production. Little reflection has been shed on the fact that the creation of Accelor was a result of overcapacity. In fact steel industry leaders in general seems short of memory and rather than focusing on debt reduction the industry embarked on a frenzy of acquisitions and expanding existing plants.
Arcelor's board, which met Sunday in Luxembourg, said it will consider the 25.8 billion-euro ($33 billion) proposal, made May 19, once approved by regulators. Arcelor also asked to see a business plan proposed by Mittal's billionaire chairman, Lakshmi Mittal. Mittal's first offer was rejected on Jan. 29, two days after the bid. As for the synergies it can be noted the companies make different products on different continents. Mittal is the biggest supplier of steel for cars in the U.S.while Arcelor is the largest in Europe. Mittal has plants in Algeria, South Africa and Kazakhstan, and Arcelor in Brazil.
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May 12th, 2006
- Mergers
Tokyo Japan - Suzuki Metal & Sumitomo Electric to merge stainless steel wire units
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| Suzuki Metal Industry, in which Nippon Steel has 22% interest, and Sumitomo Electric Steel Wire, which is wholly owned subsidiary of Sumitomo Electric Industries, announced on Tuesday they reached basic agreement to establish new firm to combine their stainless steel wire business. They continue the talk for detail and plan to integrate the business in April 2007. The combination company is comparable to the largest stainless wire maker, Nippon Seisen.
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March 22nd, 2006
- Mergers
Moscow/London - Corus in merger talks with Russia's Evraz
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| Corus, the Anglo-Dutch steel company, has held talks with Evraz, Russia's largest steel producer, over a possible merger that would create one of the world's top six steelmakers by volume, according to a person close to the discussions. If a deal were to go ahead, a combined Corus/Evraz would link the world's eighth and 12th largest steelmakers, creating a group with annual output of some 32m tons. The steel industry is going through a period of consolidation. illustrated by the €18.6bn (£12.9bn) hostile bid for Arcelor by Mittal Steel that would create a giant business with an output three times higher than its closest rival. Evraz, which is listed on the London Stock Exchange and has a market capitalization of about $8.5bn (£4.8bn), produces cheap slabs - a steel product in which Corus has expressed interest.
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March 6th, 2006
- Mergers
Shijiazhuang Hebei China - Hebei restructures its steel flag ships
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China's Hebei Province has merged three of its major steel groups into one new company–Tangshan Iron and Steel (Group) Ltd. With an annual output of 16.07 million tons of steel, it will be the second largest steel corporation in the country, next to Bao Steel in Shanghai, Oriental Morning Post reported Thursday last week. Based on the former Tangshan Steel Group, Xuanhua Iron and Steel Group and Chengde Iron and Steel Group, the new corporation has a total asset of 57.6 billion yuan (US$7.16 billion) and will have the capability of producing 20 million tons of steel annually in the future. With an annual output of 10 million tons last year, the former Tangshan Steel Group is the largest steel producer in Hebei. Xuanhua Steel, a large state-owned enterprise, had an annual sales income of 10.6 billion yuan last year. Chengde Steel is a leading company in China’s Vanadium & Titanium Industry.
The new company known as TISCO will produce flat products, long products, section products and piping products and make more than 140 series product with over 400 varieties. TISCO has more than 59 plants such as mining, coking steel making, steel rolling, machinery manufacture, construction, refractory and development & research center.
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December 14th, 2005
- Mergers
Beijing - China take serious steps to consolidate the steel industry
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| The acquisition drive has picked up speed in China's iron and steel industry in response to the call by the central government for restructuring industries with surplus capacities. Currently, the reorganization is mainly intra-provincial, with foreign capital involved. The next step will mainly feature inter-regional and inter-provincial acquisitions and mergers, which are expected to give rise to a number of extra-large iron and steel groups, each with an annual output of at least 30 million tons. The most active at present are Jilin, Liaoning and Hebei provinces.
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December 3rd, 2005
- Mergers
Luxembourg - Acesita will not join Arcelor Brasil in the foreseeable future
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| Luxembourg-based steel giant Arcelor has rejected speculations among analyst that the company had plans to include Brazilian specialty steelmaker Acesita into its local steel group Arcelor Brasil. Thre are no such plans a company spokesperson told reporters. Some analysts and news outlets have speculated on whether and when Acesita would join Arcelor Brasil. To put any such speculations to rest Arcelor CEO Guy Dollé told local press Arcelor Brasil will group together Belgo-Mineira, CST and Vega do Sul. To integrate Acesita into Arcelor Brasil, "legal steps have to be taken such as an assembly invitation for shareholders, although Arcelor has 40% of Acesita total capital," the spokesperson explained. Pension funds Previ, Petros and Sistel this year agreed to sell their shares in Acesita to Arcelor, giving the European giant 76% of Acesita's common voting shares and 40% of its total capital. According to Brazilian law, Arcelor has to launch a tender offer to buy the remaining common shares issued by Acesita for 80% of the average price paid to Previ, Petros and Sistel. Meanwhile, Belgo-Mineira on December 21 will become Arcelor Brasil, bringing CST and Vega do Sul into the fold as well, a Belgo-Mineira spokesperson said. The new company will be named Arcelor Brasil
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December 3rd, 2005
- Mergers
Monterey Mexico - Hylsamex merging main subsidiaries by Dec 1
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| Mexican steelmaker Hylsamex will merge its main subsidiaries and affiliate Galvak under the Hylsa group by December 1, Hylsamex told the Mexico City bourse (BMV). The companies to be merged are rebar and wire rod producers Hylsa Norte and Hylsa Puebla and traders Aceros Prosima and Aceros Masa. Steel producer Galvak - with 600,000t/y capacity of coated product lines and high added value products - will also be included under the Hylsa group.
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November 22nd, 2005
- Mergers
Hatfield, Pennsylvania - Fiber-Line, Yarnex in Merger
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| Fiber-Line Inc., Hatfield, Pennsylvania, and Yarnex Inc., Columbia, South Carolina, have completed their merger and will operate under the Fiber-Line name, according to Vincent Pappas, president of Fiber-Line, and Yarnex President Mujibar Rahman. Financial details of the merger were not disclosed. “Yarnex is a leader in producing high-performance fiber products for the optical fiber cable market and provides complimentary assets and synergy that fit into Fiber-Line’s organization and long-term growth strategy” Mr. Rahman said. “The combined companies strengthen our presence and commitment to the fiber optic cable industry globally,” Mr. Pappas said.The addition of Yarnex also reinforces Fiber-Line’s core business of research and development using innovative chemistry and fiber processing for the cordage, composites and reinforced plastic markets. Yarnex employees will now be part of Fiber-Line and Mr. Rahman will join Fiber-Line’s board of directors to facilitate the merger and help define the company’s strategy. Fiber-Line operates manufacturing facilities in Hatfield, PA; Hickory, North Carolina and Leeuwarden, The Netherlands.
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October 12th, 2005
- Mergers
Toronto - Inco to acquire Falconbridge in $11billion deal
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| Inco, the Canadian nickel miner, is set to be the largest produce of nickel in the world following its agreement to merge with its smaller rival Falconbridge for about $11bn or C$12.8bn. The deal is the largest in the mining sector since BHP announced it would aquire Billiton for $13.24bn four years ago. After the merger Inco will have an approximate 27% share of the global nickel market. In Western economies nickel is mainly used for stainless steel production (65%).
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September 3rd, 2005
- Mergers
Nuremberg/Hanover - German-French joint venture combines systems expertise
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| The LEONI Group of Nuremberg wants to further expand its business comprising tailor-made solutions for robotics. The robotics specialists LEONI Protec Cable Systems GmbH of Schmalkalden, a LEONI subsidiary, and the French company CIMLEC Industrie S.A., based in Les Mureaux, will now combine their expertise in a joint venture. Subject to approval by the EU cartel authorities, the joint venture is to commence operating as early as the third quarter of 2005. The two partners will have equal 50 percent stakes in the joint venture company, which will bear the name "advintec GmbH" will be based in Hanover, Lower Saxony. In addition to single components for robotic systems, advintec will provide systems that are configured ready for operation as well as an assembly, repair and maintenance service. With this comprehensive range of products and services, advintec will be geared particularly to German carmakers and their suppliers with their production facilities around the globe, manufacturers of industrial robots as well as machinery and plant engineering companies.
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June 1st, 2005
- Mergers
Beijing - China's Wuhan Steel Group to merge with Guangxi Liuzhou
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| Wuhan Iron and Steel (Group) Corp (WISCO) an integrated steel producers and a major producer of tube, wire & wire rod said yesterday it signed a letter of intent with the government of the southwestern region of Guangxi last week to merge with Guangxi Liuzhou Iron & Steel (Group) Co. On March 20 this year Shanghai Baosteel Group Corporation signed a letter of intent for strategic cooperation with Shougang Group and Wuhan Iron & Steel (Group) Corporation respectively in a bid to speed up technical innovations, improve the product mix, standardize the market and sharpen their competitive edge. Shougang Group founded in 1919 is China's largest national iron & steel producer. Major products are: small and middle size section steel,wire rod and plate. Shougang has China's largest fully automatic wire rod rolling base, there are 6 high-speed rolling lines in Shougang. WISCO's principal products include more than 200 grades of hot rolled coil and strip, cold rolled sheet and coil, hot dip galvanized sheet, electrolytic tinned sheet, cold rolled silicon steel sheet, color coated sheet, and section steel, wire and rod. Partnership of the three steel giants, which vow to develop China into a great steel power in the world, marks a good beginning to gear China's steel industry to the international development trends. To get a glimpse of the impressive amount of investment activity in China's steel industry in the past 6 month use this link
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April 5th, 2005
- Mergers
Brussels - Details on earlier reported Umicore demerger of its copper division
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| In line with the timetable for the proposed demerger of its copper activities, Umicore today published the Cumerio demerger prospectus. CUMERIO is set to be one of Europe’s leading independent copper companies. Its operations are involved in copper smelting, refining and recycling. Cumerio also transforms copper into products such as wire rod, specialty rod, wire, cakes and billets for a wide range of end-user industries. Cumerio has a total copper products capacity in excess of 600,000 tonnes per year. Cumerio is headquartered in Brussels and has industrial operations in Belgium, Bulgaria and Italy. Cumerio currently employs some 1560 people and generated a turnover of € 1.4 billion in 2004.
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April 1st, 2005
- Mergers
Brussels - Earlier announced J/V break-up gets EU OK
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| The European Union head office cleared a breakup of a cable and telecommunications joint venture Alcoa Fujikura LTD, or AFL, on Tuesday by its joint partners, U.S.-based aluminum manufacturer Alcoa Inc. and Japanese wire and cable maker Fujikura Ltd. The share-for-share breakup allows majority owner Alcoa to acquire all of AFL's Detroit division, which manufactures automotive cables, while Fujikura will acquire the telecommunications division in Nashville. "This transaction will enable both Alcoa and Fujikura to focus on their core capabilities," said Robert T. Alexander, Alcoa vice-president and chairman of Alcoa Fujikura. The EU applied its simplified antitrust procedure to the deal. This clears mergers or acquisitions after one month if no objections are raised by third parties.
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March 11th, 2005
- Mergers
Paterson New Jersey - Glenro and TRCM Consolidate Operations
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| Glenro Inc. of Paterson, New Jersey and TRCM of Maysville, Kentucky announced today that Glenro and TRCM have consolidated operations effective January 01, 2005. The name of the consolidated entity is Glenro Inc. and the manufacturing operations in Maysville will be the TRCM Division of Glenro Inc. Since 1988 TRCM, a contract manufacturing company, has manufactured hot air dryers and thermal oxidizers that Glenro has sold, designed and engineered. More recently, TRCM has also been manufacturing Glenro flatbed laminating machines. Glenro has manufactured infrared heaters and ovens in New Jersey since 1958 and in Paterson since 1979. TRCM is now expanding and manufacturing some of Glenro's infrared heaters and ovens. In announcing the consolidation Gary Van Denend, who has been President of Glenro and TRCM said, "As a manufacturer I know the importance of working with innovative suppliers who offer goods and services that enable Glenro to reduce costs, increase efficiencies and create new capabilities. For over 45 years Glenro infrared heaters and ovens, hot air dryers, thermal oxidizers, flatbed laminating machines, and most importantly, process heating engineering have helped customers reduce energy costs, increase line speeds and productivity, as well as develop and make new products. This consolidation will give Glenro the flexibility and capacity to continue to provide innovative industrial ovens and dryers that are manufactured in the United States at competitive costs."
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February 19th, 2005
- Mergers
Stockholm - SKF, Rautaruuki, and Wärtsilä to merge their long steel businesses
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| SKF AB, Rautaruukki Corp and Wärtsilä Corp said they have signed a Memorandum of Understanding to combine their long steel businesses into a jointly owned new company NewCo, creating annual cost savings of 30-40 mln eur. Included in the new company are SKF:s Ovako Steel, Wärtsiläs subsidiary Imatra Steel, Rautaruukki's companies Fundia Special Bar, Fundia Wire and Fundia Bar & Wire Processing.
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