Australia's Bosch Steel Co., Ltd. rejected a $8.8 billion takeover offer from US steelmaker Steel Power and Australian enterprise group SGH. The company's board of directors said in a statement on Wednesday that the offer “grossly” underestimated the value of Bosch. The Australian company said the offer did not fully recognize the value of Bosco's assets, and that it was proposed at a time when interest spreads for Asian steel were low. Bosch Chairman Jane McAloon said, “Let me be clear — this proposal is an attempt to take Bossig from shareholders at a low price. It seriously underestimates our world-class assets, growth momentum, and future, and the board won't let that happen.” Steel Power's ambitions were thwarted by this refusal. The company has previously offered multiple takeover offers for Bosque's North American business, aiming to benefit from the high tariffs imposed by the Trump administration to protect US producers.

Australia's Bosch Steel Co., Ltd. rejected a $8.8 billion takeover offer from US steelmaker Steel Power and Australian enterprise group SGH. The company's board of directors said in a statement on Wednesday that the offer “grossly” underestimated the value of Bosch. The Australian company said the offer did not fully recognize the value of Bosco's assets, and that it was proposed at a time when interest spreads for Asian steel were low. Bosch Chairman Jane McAloon said, “Let me be clear — this proposal is an attempt to take Bossig from shareholders at a low price. It seriously underestimates our world-class assets, growth momentum, and future, and the board won't let that happen.” Steel Power's ambitions were thwarted by this refusal. The company has previously offered multiple takeover offers for Bosque's North American business, aiming to benefit from the high tariffs imposed by the Trump administration to protect US producers.