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?"....

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