Posted on 05/21/2008 11:01:35 AM PDT by Freelance Warrior
Russian metals and mining company OAO Severstal offered Tuesday to buy Esmark Inc. for $17 (€10.87) per share in cash, claiming it has the critical support of the United Steelworkers union.
The union late last week said it would oppose an identical $670 million (€428.4 million)cash buyout offer from India's Essar Steel Holdings, contending that Wheeling-based Esmark accepted the deal without giving the USW adequate notice or a chance to put forth an alternative.
[...]
Severstal released a copy of its offer letter, arguing it is "best suited to unlock the potential of Esmark's current operations" by merging them with Severstal plants in Dearborn (Michigan), Sparrows Point, (Maryland), and Columbus (Mississippi).
(Excerpt) Read more at iht.com ...
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