SGH Bids A$13.15 Billion for BlueScope, Shares Hit 17-Year High
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 06 2026
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Should l Buy BSL?
Source: Newsfilter
- Acquisition Proposal: Australian conglomerate SGH has made a A$13.15 billion ($8.83 billion) bid for BlueScope, aiming to broaden its industrial footprint, which has driven BlueScope's shares up 21.5% to A$29.710, marking a 17-year high since October 2008.
- Market Reaction: Following the cash offer of A$30 per share from SGH and U.S.-based Steel Dynamics on December 12, BlueScope's stock experienced its largest intraday percentage gain since February 2016, reflecting strong market optimism regarding the acquisition.
- Business Restructuring Plan: SGH intends to acquire all of BlueScope's shares while divesting its North American operations to Steel Dynamics, indicating a strategic belief that BlueScope's Australian and North American businesses are incompatible and would be more valuable separately.
- Shareholder Background: SGH's major shareholder, Kerry Stokes, owns about 50% of the company and controls Boral and other large firms, highlighting his significant influence and resource integration capabilities within the Australian market.
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About BSL
Blackstone Senior Floating Rate 2027 Term Fund (the Fund) is a diversified, closed-end management investment company. The Fund's primary investment objective is to seek high current income, with a secondary objective to seek preservation of capital, consistent with its primary goal of high current income. Under normal market conditions, the Fund invests at least 80% of its Managed Assets in senior, secured floating rate loans (Senior Loans). The Fund may also invest in second-lien loans and high yield bonds and employs financial leverage, which may increase risk to the Fund. It invests in various sectors, including healthcare providers and services, software, capital markets, building products, aerospace and defense, financial services, healthcare equipment and supplies, professional services and information technology (IT) services. Blackstone Liquid Credit Strategies LLC (the Adviser) acts as the investment adviser of the Fund.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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