Sumitomo Corp. ADROTCPK - Current
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  • 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. 25, 2013, 5:29 AM
  • 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.
    | Oct. 1, 2013, 8:17 AM