Australia's BlueScope Steel jumps on $8.8 billion buyout offer from SGH, Steel Dynamics

SGH

06/01/2026 24:39

Updates

** BlueScope Steel BSL.AX climbs as much as 21.8% to A$29.780, its highest since October 3, 2008

** Stock posts its biggest intraday percentage jump since mid-February 2016

** Co receives A$13.15 billion ($8.83 billion) takeover proposal from investor group comprising industrial conglomerate SGH  SGH.AX and U.S.-based Steel Dynamics STLD.O

** The A$30-per-share cash offer received on December 12 implies a 26.8% premium to BSL's close on December 11 and a 22.7% premium to its last close on Monday

"I see the SGH-led proposal as opportunistic but potentially value-unlocking for shareholders, albeit highly conditional and execution-heavy" - Mark Gardner, founder & CEO of MPC Markets

** If deal is implemented, SGH will keep BlueScope's Australian business and offload its North American businesses to Steel Dynamics

** Shares of SGH rose as much as 5.1% to a more than two-month high of A$48.88

** BSL, top gainer on S&P/ASX 200 benchmark index .AXJO

** BSL stock gained 28.8% in 2025, while SGH added 0.7%

($1 = 1.4896 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)

 ((Himanshi.Akhand@thomsonreuters.com))