The remaining 19.12% stake of Arjas Steel will be
acquired by BAG Holdings Pvt. Ltd., an entity owned by one of the company's
promoters, Bahirji A. Ghorpade, who held a 3.1% stake in Sandur Manganese as of
March 31, 2024.
Financial considerations for the acquisition have not
been disclosed. However, the company highlighted that the Enterprise Value of
Arjas Steel is nearly ₹3,000 crore and hence the value to acquire the 80% stake
will be decided basis customary and agreed adjustments to the enterprise value
as of the closing date.
Sandur Manganese expects to complete this transaction
within seven months, subject to customary closing conditions in the Share
Purchase Agreement (SPA). The acquisition will not require any regulatory
approval, barring that of the Competition Commission of India (CCI).
The company, which is currently into the business of
mining
If
US Steel's Nippon Steel deal is blocked, Cleveland-Cliffs CEO says he's still
interested
https://www.wtae.com/article/us-steel-nippon-steel-cleveland-cliffs/60609172
Lourenco Goncalves pointed
out that Cleveland-Cliffs, an American company, was the first to bid for U.S.
Steel, an offer that was endorsed by the United Steelworkers union.
The
CEO of Cleveland-Cliffs told Pittsburgh's Action News 4 that he and his company
would still be interested in buying U.S. Steel if the deal for Nippon Steel to
do so was blocked.
"When.
When. When. Not if, when," Lourenco Goncalves, Cleveland-Cliffs chair,
president and CEO, said this week.
He pointed out
Cleveland-Cliffs, an American company, was
the first to bid for U.S. Steel, an offer that was endorsed by
the United Steelworkers union.
U.S.
Steel rejected that offer and later accepted
one from Japanese company Nippon Steel.
"Well,
we are the ones that initiated that. But because of the entrenched board of
U.S. Steel and their hate for unions, they decide to sell to a Japanese
company. Bad idea," Goncalves said.
He
insists combining U.S. Steel and Cleveland-Cliffs would be better.
"And
the Japanese have no technology to bring to us — zero. They don't have natural
gas, they don't have hydrogen," Goncalves said. "They are coming here
as takers, not as givers."
President
Joe Biden has
already said he believes U.S. Steel should remain
American-owned and operated. He
repeated it during a visit to United Steelworkers headquarters in
Downtown Pittsburgh last week.
"We
have a president of the United States that's, by far, the most American driven,
union driven president of the history of this country. So, challenging that,
despite all the advice that I gave to them, they (U.S. Steel) still did; they
deserve what they are getting," Goncalves said.
A
federal agency — the Committee on Foreign Investment in the United States — is
reviewing the deal and has the power to block it.
"So
it's game over. And now we just need to scatter their funeral," Goncalves
said.
He
avoided commenting on specifics of Cleveland-Cliffs interest in the event
Nippon Steel's deal with U.S. Steel was blocked.
"Offer
and numbers, I'm not going to negotiate in public," Goncalves said.
"I'm interested, but let's see how this thing will go."
Nippon
Steel doesn't comment on Goncalves' remarks but reiterates that it "plans
to invest in the growing U.S. Steel market and pursue the growth of U.S.
Steel."
"There
will be no job losses, plant closures, or transfer of production resulting from
this transaction," Nippon Steel has said.
Nippon
Steel says it will continue to advocate for its deal and is confident a fair
evaluation will result in its approval.