Steel producer Iscor confirmed yesterday that it has received an offer from LNM Holdings NV to buy an additional 12.19% of Iscor’s shareholding. LNM, which is the second biggest steel company in the world, already holds 34,81% of Iscor’s shares. It has made this partial offer to minority shareholders which is equivalent to purchasing 18,7% of each of their shareholding at R30 per Iscor share. Should the offer be fully taken up, LNM could hold 47% of the issued share capital of Iscor. The South African government welcomed the announcement. The government would support such a transaction and welcomed the retention of Iscor’s South African listing.
