Business Daily from THE HINDU group of publications
Thursday, June 26, 2008 ePaper | Mobile/PDA Version
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Business Daily from THE HINDU group of publications Thursday, June 26, 2008 ePaper | Mobile/PDA Version |
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Update at 1345 hrs (IST)
Corporate Essar withdraws bid for Esmark NEW DELHI: Ruias controlled conglomerate Essar on Thursday withdrew its $1.2 billion bid for acquisition of US steel company Esmark in the face of a higher bid by Russian steel giant Severstal which is supported by the Union. "We have withdrawn our bid...we will keep on looking for opportunities for global expansion," an Essar spokesperson said. Essar raised bid: Essar has raised its bid from $17 to $19 a share, but Severstal came up with a higher bid of $19.25 per share. Sources said, Severstal has got the support from the Unions of the US steel company. Esmark Inc had yesterday said an independent arbitrator has set aside a bid for the company from Essar Steel, saying that the target company did not inform the workers' union sufficiently in advance about the deal.
The arbitrator's decision holds significance as United Steelworkers (USW), the umbrella union of the industry workers in the US, has been consistently opposing the Essar Steel offer and has instead backed a rival bid from Russia's Severstal. - PTI
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