NZ's Steel & Tube sees steepest rise in 10 years on Fletcher Building offer

Steel & Tube Holdings

03/10/2018 24:56

** Steel & Tube Holdings Ltd  STU.NZ  rises as much as 20.9
pct to NZ$1.62, its highest since June 18, and posts biggest
intraday pct gain since Sept 2008
    ** Steel distributor rebuffs NZ$282.2 mln ($185.97
mln)takeover offer from Fletcher Building  FBU.NZ   urn:newsml:reuters.com:*:nL4N1WI4A2
    ** Says offer significantly undervalues co and will take
time to clear regulatory hurdles 
    ** Stock top pct gainer on S&P/NZX All Capital index  .NZCI 
    ** Stock had fallen 31 pct this year by previous close   

 ($1 = 1.5175 New Zealand dollars)

 ((Reuters Messaging:
Devika.Syamnath.thomsonreuters.com@reuters.net))