In an effort to gain exposure to higher-valued metal, Tokyo-based Nippon Steel & Sumitomo Metal has agreed to acquire Swedish speciality steelmaker Ovako as well as taking a larger stake in Sanyo Special Steel. The deal is expected to close by the end of this year, with both companies retaining their existing business lines. Nippon Steel shares closed 0.2 percent lower at 2,403.50 yen on Thursday before the announcement, while Sanyo shares ended trading 2.8 percent higher at 2,393 yen. The price of the deal has not been disclosed, but is has been said to be in the tens of billions of dollars, not to exceed $100bn.
In an effort to gain exposure to higher-valued metal, Tokyo-based Nippon Steel & Sumitomo Metal has agreed to acquire Swedish speciality steelmaker Ovako as well as taking a larger stake in Sanyo Special Steel. The deal is expected to close by the end of this year, with both companies retaining their existing business lines. The price of the deal has not been disclosed, but is has been said to be in the tens of billions of dollars, not to exceed $100bn.