Nippon Steel launches $456 million bid to acquire Sanyo Special Steel

TOKYO : Nippon Steel will launch a $456 million tender offer to make Sanyo Special Steel a wholly owned unit, Japan’s biggest steelmaker said on Friday.

Nippon Steel will offer 2,750 yen ($17.78) a share, or a 37 per cent premium over Sanyo Special Steel’s closing price on Friday, spending a total 70.45 billion yen ($455.66 million), it said in a statement.

($1 = 154.7100 yen)