ThyssenKrupp Steel Americas Bidders Team Up, Sources Say
02/11/2013 - Bidders competing for ThyssenKrupp AG's loss-making U.S. and Brazilian steel mills are teaming up in an effort to make the investment more digestible, according to people familiar with the transaction, Reuters reports.
Bidders competing for ThyssenKrupp AG's loss-making U.S. and Brazilian steel mills are teaming up in an effort to make the investment more digestible, according to people familiar with the transaction, Reuters reports.
Germany's biggest steelmaker ThyssenKrupp said in May 2012 that it was considering options for the mills which lost about one billion euros in the financial year ended September 2012, but deemed initial bids, which sources said were in the region of 3-4 billion euros, as too low.
Japan's JFE Steel Corp and U.S. Steel are planning to hand in a joint bid by a 28 February deadline for final bids, two people familiar with the process said.
JFE and U.S. Steel were not immediately available for comment.
Europe's ArcelorMittal and Japan's Nippon Steel have also joined forces in the auction according to sources familiar with the process, though have not confirmed their plan, while Brazil's Cia Siderúrgica Nacional (CSN) has secured financial support from state development bank BNDES...
