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