Investment manager State Street Corporation has decreased its holding in BlueScope, according to a substantial shareholder notice filed with the Australian Securities Exchange (ASX). State Street’s stake has fallen from 7.44 per cent to 6.42 per cent. BlueScope is a global steel company providing steel products and solutions, with operations spanning Australia, New Zealand, Asia, and North America. State Street Corporation provides financial services and investment management.
Meanwhile, AustralianSuper, BlueScope’s largest shareholder with over 13 per cent of the company, has publicly supported BlueScope’s rejection of a $13.2 billion takeover offer. The offer was made by SGH Limited in partnership with American company Steel Dynamics.
AustralianSuper has stated it would only consider supporting a deal if the offer valued BlueScope shares “materially higher than the price of $30 per share currently proposed”. This firm stance underscores the superannuation fund’s belief that the current offer undervalues the steel-making giant.
The superannuation fund’s opposition to the takeover highlights the importance of shareholder sentiment in large corporate transactions and potentially signals a need for SGH Limited and Steel Dynamics to revise their offer to gain necessary support.
