Oct. 25, 2013, 5:29 AM
- Rio Tinto (RIO) is reportedly in advanced negotiations to sell its 50.1% holding in a coal mine in Australia to Glencore Xstrata (GLCNF; GLNCY) and Japan's Sumitomo (SSUMY; SSUMF) for around $1B.
- Glencore Xstrata and Sumitomo would each buy half of Rio's stake in the Clermont mine in the state of Queensland. The deal could be signed today.
- The sale is part of Rio's strategy of divesting assets as it looks to cut debt that reached almost $19B last year.
- Update: The sale is confirmed for $1.015B.
Oct. 1, 2013, 8:17 AM
- Edgen Group (EDG) +56.4% premarket after Sumitomo (SSUMY.PK) agrees to buy the distributor of specialty products to the energy and infrastructure markets for $12/share, a 58% premium over Monday's close.
- EDG has two commercial brands, Edgen Murray and Bourland & Leverich, and had total sales of $2.06B in 2012 with 660 employees and operations in more than 35 locations in 18 countries.
- EDG launched an IPO in April 2012, pricing at $11, below its expected $14-$16 range, and has traded below $9 for most of the time since.
SSUMY vs. ETF Alternatives
With its global network and based on trust from companies in various industries and from consumers, Sumitomo Corporation engages in multifaceted business activities by making the most of its Integrated Corporate Strength. These business activities include sales of a variety of products and... More
Other News & PR