Steel and Tube parent Arrium to sell half-stake for $91.2 million at 15 percent discount

Tue, 09 Oct 2012

By Hannah Lynch Oct. 10 (BusinessDesk) - ASX-listed mining and minerals group Arrium plans to sell its 50.3 percent stake in local construction and materials supplier, Steel & Tube for about $91.2 million. The Australian company, formerly known as OneSteel, has appointed an investment bank to underwrite and manage the sale of its Steel & Tube stake at $2.05 a share, it said in a statement. That's a 15 percent discount to the Steel & Tube's last trading price. It expects retail and institutional investors will buy the shares, and will use the...

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