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Arcelor

1. [verwijderd] 23 november 2005 08:42

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   Heb geen bericht maar hoorde wel dat Arcelor een overname heeft gedaan. Iemand??
2. [verwijderd] 23 november 2005 09:11

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   quote:

   Warren Buffett schreef:

   Heb geen bericht maar hoorde wel dat Arcelor een overname heeft gedaan. Iemand??
   

   BRUSSELS (Reuters) - Arcelor (CELR.PA: Quote), the world's second largest steelmaker, is poised to make an all-cash takeover bid for Dofasco Inc. (DFS.TO: Quote), valuing the Canadian steelmaker at more than C$4.3 billion (US$3.6 billion).
   
   Arcelor, a top supplier to Europe's car manufacturers, said on Wednesday it wants to increase its presence in the North American car market via the bid on which it had not reached an agreement with Dofasco's board.
   
   The Luxembourg-based group will offer to buy all the outstanding common shares in Dofasco for C$56 each, representing a premium of approximately 27.3 percent over their C$44 closing price on November 22, it said in a statement.
   
   The bid would represent a premium of approximately 46.4 percent over the C$38.25 closing price of Dofasco's common shares on November 10, the last trading day prior to speculation in the press about a possible acquisition of Dofasco.
   
   Based on more than 77 million shares outstanding, the offer would value Dofasco at more than C$4.3 billion.
   
   Dofasco has a market capitalization of about C$3.4 billion compared with 13 billion euros for Arcelor. The offer follows fruitless talks between the two sides that began in the first half of the year.
   
   "Arcelor has therefore decided to present its particularly attractive offer to Dofasco's shareholders directly," it said in a statement.
   
   Arcelor Chief Executive Officer Guy Dolle said the acquisition would be the company's most important investment in North America to date and was a measure of its confidence in the Canadian firm.
   
   Arcelor, created in 2002 out of the three-way merger of France's Usinor, Spain's Aceralia and Luxembourg's Arbed, has been slashing its debt in recent years to prepare for a period of growth and acquisitions.
   
   Dolle has said in the past he was considering acquisitions across the Atlantic to have exposure to the automotive market there. "Dofasco's leadership in the North American automotive market is highly complementary with Arcelor's strategy to expand its foothold in this significant market," Dolle said.
   
   
3. [verwijderd] 23 november 2005 09:32

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   Thanks
4. coecoe 23 november 2005 12:20

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   Het bod van Arcelor bedraagt ongeveer 1 x de sales van Dofasco. De KW op basis van de winst van 2004 bedraagt ruim 9 op de huidige koers van omgerekend US$ 37,5 en 12,3!! op basis van het bod van Can$ 56!!.
   
   1 x de sales van Corus over 2004 is ongeveer 2!!! pound Sterling per aandeel (bijna € 3).
   Berekend op met een KW van 12,3 betekent dit ongeveer 1,25 Pound S. per aandeel.
   
   Deze getallen liggen nogal ver uiteen omdat de winst van Corus nog niet optimaal was als percentage van de sales (Restoring Success dient dit te verbeteren).In beide gevallen echter is de ongelooflijke onderwaardering duidelijk. Een factor 2 op basis van de huidige koers moet minimaal mogelijk zijn. Het geeft te denken dat ook Mittal een forse waardering heeft betaald voor haar recente overname in de Oekraïne.
   Zowel Arcelor als Mittal weten natuurlijk als geen ander waarover ze het hebben en wat staalbedrijven werkelijk waard zijn, in tegenstelling tot de meeste analisten.
   
   Houd Corus dus vooral vast want de potentiële waardesprong is enorm.
   
   Groet
   Coert
   
   
5. [verwijderd] 23 november 2005 12:38

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   Arcelor Makes Hostile C$4.3 Billion Bid for Dofasco (Update6)
   
   Nov. 23 (Bloomberg) -- Arcelor SA, the world's No. 2 steelmaker, made a hostile C$4.3 billion ($3.7 billion) bid for Canada's Dofasco Inc., giving it a foothold in the market supplying North American carmakers.
   
   Arcelor, based in Luxembourg, will offer C$56 in cash for each Dofasco share, a 27 percent premium to yesterday's closing price in Toronto. Gord Forstner and Bill Gair, spokesmen for Hamilton, Ontario-based Dofasco, didn't immediately return phone calls seeking comment.
   
   This is Arcelor's biggest acquisition since its creation in 2002. Chief Executive Guy Dolle gets access to U.S. carmakers such as Ford Motor Co., adding to his European customers, which include PSA Peugeot Citroen. Dolle is seeking to grab market share from billionaire Lakshmi Mittal, who became the biggest supplier to U.S. carmakers when he bought International Steel Group Inc., created by Wilbur Ross, for $4.5 billion in April.
   
   ``It's a good strategy, Arcelor can be a global supplier to the car industry,'' Alberto Vigil, who manages 4 billion euros for Banco Santander Gestion de Activos in Madrid, including Arcelor shares, said in a telephone interview.
   
   Arcelor's shares fell 38 cents, or 1.9 percent, to 20.04 euros as of 10:57 a.m. in Paris. They have gained 18 percent this year, valuing the steelmaker at 12.8 billion euros. The 16-member Bloomberg Europe Iron/Steel Index is little changed this year.
   
   Shares in Dofasco rose 7.62 euros, or 24 percent, to 39 euros in Germany. A total of 25 shares were traded, the first time any shares have changed hands since they began trading there in April.
   
   Car Panels
   
   Dofasco, Canada's largest steelmaker by sales, will give Arcelor steel plants in Ontario that sell more than a third of their products to U.S. carmakers. Arcelor and Dofasco already have a plant making car body panels in Hamilton, Ontario.
   
   ``Dofasco would become Arcelor's platform in North America,'' Arcelor's Dolle said in a statement today.
   
   ``They want to be involved in the largest motor vehicle market in the world,'' Gavin Wendt, analyst at Fat Prophets Asset Management in Sydney, said in an interview today.
   
   Dofasco posted net income of C$377 million last year, three times higher than the year before. The steelmaker produced 4.4 million tons of steel in 2004, making it the world's 57th largest steelmaker by output, according to the Brussels-based International Iron & Steel Institute.
   
   A person answering the telephone at the home of Dofasco Chief Executive Don Pether said he wasn't available for comment.
   
   Book Value
   
   The two companies had already held takeover talks ``on several occasions,'' including in the first half of this year, and were unable to reach an agreement, Arcelor said.
   
   Arcelor's offer for Dofasco is worth 1.1 times sales, 2.2 times book value and 21 times net income, according to Bloomberg data. Mittal paid 0.6 times sales, 3.4 times book value and 10.6 times net income for Richfield, Ohio-based ISG.
   
   ``The price is very rich and is disappointing for the market,'' said Adrian Darley, a fund manager at Gartmore Investment Management Ltd. in London, which owns about 10 million Arcelor shares.
   
   Dofasco has debt of C$609 million, according to Bloomberg data. The company is rated `A-' by Standard & Poor's, the fourth- lowest investment grade. Arcelor, which had debt of 1.43 billion euros at the end of the third quarter, is rated `BBB' by S&P, the second-lowest investment grade.
   
   Arcelor ``can easily accommodate the asset from its cash balances (4.2 billion euros), we wouldn't expect Arcelor's ratings to be impacted,'' Merrill Lynch & Co.'s European credit research team said in a report.
   
   Record Prices
   
   European steel prices were at a record in January leaving companies such as Arcelor and Rotterdam-based Mittal with cash to spend. Mittal bought Ukraine's largest steelmaker, Kryvorizhstal, for $4.8 billion in October.
   
   ``Canadian steel producers, regardless of their current competitiveness, are not immune to the forces driving consolidation around the globe,'' Arcelor said in its statement. ``For Dofasco, the question is not if it should join forces with another industry player, but when, and with whom.''
   
   The offer will be open for 60 days from when the bid is made and Arcelor requires two-thirds of Dofasco's shares for the transaction to succeed.
   
   Arcelor spokesman Jean Lasar was unable to say who is advising the steelmaker on its bid.
   
   call to discuss this offer at 1 p.m. London time (2 p.m. Paris time, 8 a.m. New York time)
   
   
6. [verwijderd] 23 november 2005 12:56

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   quote:

   coecoe schreef:

   Het bod van Arcelor bedraagt ongeveer 1 x de sales van Dofasco. De KW op basis van de winst van 2004 bedraagt ruim 9 op de huidige koers van omgerekend US$ 37,5 en 12,3!! op basis van het bod van Can$ 56!!.
   
   1 x de sales van Corus over 2004 is ongeveer 2!!! pound Sterling per aandeel (bijna € 3).
   Berekend op met een KW van 12,3 betekent dit ongeveer 1,25 Pound S. per aandeel.
   
   Deze getallen liggen nogal ver uiteen omdat de winst van Corus nog niet optimaal was als percentage van de sales (Restoring Success dient dit te verbeteren).In beide gevallen echter is de ongelooflijke onderwaardering duidelijk. Een factor 2 op basis van de huidige koers moet minimaal mogelijk zijn. Het geeft te denken dat ook Mittal een forse waardering heeft betaald voor haar recente overname in de Oekraïne.
   Zowel Arcelor als Mittal weten natuurlijk als geen ander waarover ze het hebben en wat staalbedrijven werkelijk waard zijn, in tegenstelling tot de meeste analisten.
   
   Houd Corus dus vooral vast want de potentiële waardesprong is enorm.
   
   Groet
   Coert
   
   

   Goede uiteenzetting Coert.
   Wat ik alleen niet begrijp is waarom wel een Canadees en niet onze kaaskop.
   Hebben ze dat dan gedaan om voet in / bij Amerika aan land te krijgen?
7. coecoe 23 november 2005 13:45

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   Ik denk inderdaad dat Arcelor haar positie in Amerika wil versterken. Overigens is het de vraag of Arcelor ooit Corus zou kunnen overnemen i.v.m. de Europese mededingings autoriteiten.
   
   Groet
   Coert
8. lexisnexis 23 november 2005 15:25

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   Tata Steel sets its eyes on Highveld Steel
   
   MUMBAI: Tata Steel, which is on an overseas expansion spree, has set its eye on South Africa based Highveld Steel. Tata Steel is in talks with Anglo American, which owns 79 per cent stake in the Highveld Steel.
   
   "This is in the process and we are evaluating it," Tata Steel Managing Director, Mr B Muthuraman said confirming the development on the sidelines of the formal announcement of the company's joint venture with Australian BlueScope Steel.
   
   Declining to attach any special significance to the proposed acquisition, he said: "This is not the only company we are currently looking at. In fact, there are several other companies on our radar," He also refused to divulge further details on the proposed acquisition, saying, "We have not made up our mind on the acquisition and we will have to wait for sometime to divulge anything further."
   
   Informed sources said Mittal Steel South Africa had previously shown an interest in the firm, but were unable to give the latest development on this. Tata Steel has manufacturing facilities in six countries in the Asia Pacific region and China. The compa ny plans to set up a six million tonne steel plant in Iran and a two million tonne plant in Bangladesh.
   
   In 2004, Tata Steel acquired NatSteel Asia, which produces about two million tonnes of steel products annually across seven countries. - PTI