G'day,
BlueScope Steel (don't u just love that strong name for a steel company?) has either got a serious case of altzheimers or gone on a strategic walkabout.
A couple of years ago (maybe three) they sold out of their down stream steel coatings and building products businesses in the US because they didn't strategically fit - that was their excuse at the time at least. Sold them to some Mexican bandidos. Now what do they do? well go and buy somemore again of couse - silly person for asking; this time an ailing building products company called Butler Manufacturing - is it ailing? Well with a turnover of US$750m odd they are paying just US$22.5m.
Perhaps this is the deal of the century or perhaps they are paying what it is really worth 3/5 of 5/8 of.......you guessed it.
The things some people will do just to be able to take more overseas trips never ceases to amaze.
strategic walkabout - lapse of memory
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