Sumitomo to lift energy stance with Edgen buy

Oct 01, 2013 | 05:08 PM | Michael Cowden

Tags  Sumitomo, Kazuhiro Takeuchi, Edgen Group, Daniel O'Leary, merger, acquisition, Edgen Murray, distribution oil country tubular goods

CHICAGO — Sumitomo Corp. has reached a deal to acquire energy products distributor Edgen Group Inc. as it looks to bolster its position in the oil and gas markets.

Tokyo-based Sumitomo plans to buy all outstanding shares of Baton Rouge, La.-based Edgen Group for $12 each, a 57.9-percent premium to their previous close of $7.60 per share. Sumitomo is acquiring Edgen with a $520-million cash consideration for its equity and the assumption of debt, Edgen director of investor relations Erika Fortenberry told AMM Oct. 1. She declined to....

Latest Pricing Trends


Are you stocking more inventory today than 18 months ago?


View previous results