Alcoa, BHP Billiton to Sell Integris Metals to Ryerson Tull for $660 Million.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Alcoa Inc. (NYSE NYSE See: New York Stock Exchange :AA) and BHP Billiton BHP Billiton is the world's largest mining company.[1] Its origin is in the 2001 merger of Australia's Broken Hill Proprietary Company (BHP) and the UK's Billiton, which has a South African background. The result is a dual-listed company. today announced they have agreed to sell 100% of their respective equity interests in Integris Metals to Ryerson Tull for $410 million in cash plus assumption of Integris' debt, which was approximately $250 million as of October 1, 2004. Alcoa and BHP Billiton each own 50% of Integris Metals. The transaction is expected to be completed by early 2005. Integris Metals, a metals service center company engaged in the processing and distribution of metals, was formed in November 2001 through the combination of Reynolds Aluminum Supply Company (RASCO) and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Metals Distribution (NAMD NAMD National Association of Membership Development NAMD National Association of Marble Dealers ), Inc., the metals distribution businesses of Alcoa and BHP Billiton, respectively. Integris Metals has approximately 2400 employees. The shareholders' stated strategic intent was to create value through the combination of RASCO and NAMD and then exit the business, when appropriate, as the metals distribution business was not core to either shareholder. In August, Alcoa and BHP Billiton announced that Integris Metals had filed a registration statement with the SEC for an initial public offering (IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ) of its stock. Ryerson Tull approached the companies after the IPO filing, and, as a result, a sale to Ryerson Tull is now agreed. Alcoa and BHP Billiton were advised in the transaction by Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. The sale of Integris to Ryerson Tull will be subject to normal regulatory approvals. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion