NZ's Steel & Tube rises 7.4 pct, Bluescope bags 15.8 pct stake in co

Steel & Tube Holdings

16/10/2018 23:51

** Shares of Steel & Tube Holdings Ltd  STU.NZ  rise as much
as 7.4 pct to NZ$1.60
    ** Australia's Bluescope Steel Ltd  BSL.AX  acquires 15.8
pct shares in co for A$42.4 mln ($30.28 mln)  urn:newsml:reuters.com:*:nNZWbPRtHH
    ** The steel distributor's issues letter to shareholders
following Fletcher Building's  FBU.NZ  decision to withdraw
offer 
    ** Co says board had resolved to take additional steps of
commissioning an independent expert valuation following
Fletcher's sweetened bid
    ** About 26.7 mln shares change hands, compared with 30-day
average of about 1.2 mln shares 
    ** Co's stock had fallen 23.3 pct this year, as of last
close compared with a 2.1 pct rise in the New Zealand Capital
index  .NZCI  



($1 = 1.4002 Australian dollars)

 ((Simran.lakhotia@thomsonreuters.com))