A consortium led by Singapore steel products maker HG Metal will gain control of local rival BRC Asia from UK-based Acertec. The consortium agreed to buy Acertec’s 70.3 per cent stake in BRC for $34 million (£18 million).
A consortium led by Singapore steel products maker HG Metal will gain control of local rival BRC Asia from UK-based Acertec. The consortium agreed to buy Acertec’s 70.3 per cent stake in BRC for $34 million (£18 million).
Under Singapore’s listing rules, HG Metal, which mainly sells its products such as steel plates in Singapore and southeast Asia, will be required to make a takeover offer for the whole of BRC, because its stake in BRC will exceed 30 per cent.
Steel makers worldwide have been seeking partnerships and new investors to help them cope with soaring energy and iron ore prices.
In February, Russia’s Evraz bought a 10 per cent stake in Singapore-listed China steelmaker Delong and has said it may spend up to £790 million to fully acquire Delong, in its first move into China’s giant steel market.
In May, FerroChina, another Singapore-listed China firm, hired Merrill Lynch to try to find a suitor.
