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

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% 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)

(By Kantaro Komiya; Editing by Chang-Ran Kim)

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