Icahn vows to sell CMC foreign assets
Dec 12, 2011 | 12:01 PM
| Anne Riley
Tags
Carl Icahn,
steel,
scrap,
CMC,
rebar,
Anne Riley
NEW YORK — Billionaire investor Carl Icahn would strip Commercial Metals Co. (CMC) of its "ridiculous" international assets and refocus it as a U.S. scrap company after merging it with his wholly owned PSC Metals Inc. if his CMC takeover bid is successful, he told AMM in a telephone interview.
"These ridiculous investments have lost a lot of money," Icahn said following the launch of his formal tender offer to acquire all outstanding CMC shares (AMM, Dec. 12).
If Icahn’s unsolicited bid for the Irving, Texas-based steelmaker and scrap processor is accepted, among the first things to go will be many of the company’s assets across Europe, Asia and Australia, he said. "They have a scrapyard in Singapore—does that make sense? They bought an operation in Australia—does that make sense?"....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute — no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Subscribe Now
Click Here
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.
Take a Free trial
Click Here