German steelmaker Salzgitter AG has announced that a consortium consisting of one of its largest shareholders GP Günter Papenburg Aktiengesellschaft and TSR Recycling GmbH & Co. KG has increased its bid to acquire the company to €18.50 per share. With the increased bid, the consortium has valued Salzgitter at approximately €1.1 billion. According to media reports, the previous bid was at €17.50 per share.
Salzgitter stated that it is in the process of examining the non-binding offer, including the price indicated.
As SteelOrbis previously reported, Salzgitter stipulated the consortium would have to acquire at least 45 percent and one share, including GP Günter’s existing shares, to assume control of the company.
