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Todd Corp may bid for troubled Australian steelworks Arrium
Wednesday 04 May 2016 09:27 AM
Todd Corp may bid for troubled Australian steelworks Arrium
By Tina Morrison
May 4 (BusinessDesk) - Todd Corp, the holding company for New Zealand’s wealthiest family, may make a bid for Australian iron ore miner and steelmaker Arrium which is in voluntary administration, according to an Australian media report.
The Wellington-based company may be interested in buying all of Arrium, which is currently in the hands of administrators KordaMentha, although its strategy may involve breaking up various parts of the operation to Chinese entities, the Australian newspaper reported, citing sources it didn't identify.
Todd Corp executives weren't immediately available to comment.
Still, Todd may face stiff competition from other international suitors such as Cerberus Private Equity, which is partnering with Argand in a bid for the business, the newspaper reported.
Todd Corp, named by Forbes magazine as New Zealand’s first billion dollar turnover company, has extensive holdings in the oil and gas, commercial property, and communications sectors, having started life in 1885 as a wool-scouring business and morphed in the 1930’s into vehicle assembly.
(BusinessDesk)
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