Sumitomo to lift energy stance with Edgen buy
Oct 01, 2013 | 05:08 PM
| Michael Cowden
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....
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