• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Advertisement

Mumbai, June 26 Essar Group has lost out to the Russian steel maker Severstal in its bid to acquire the US steel company, Esmark.

According to information, Severstal offered Esmark a price of $19.25 per share, outbidding Essar’s final offer of $19 a share.

In statement on Thursday, Essar said it is withdrawing its offer to purchase all of the outstanding shares of Esmark at $19 per share. At this price, the deal would have cost Essar $1.2 billion.

The Russian company is understood to have had the support of the Esmark’s employees union.

Essar, which had entered into a memorandum of agreement to acquire all the shares of Esmark for $17 per share, subsequently increased to $19 per share.

More Stories on : Steel | Overseas Investments

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Why farmers bank on the ‘arhatiyas’

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line