South Korean consortium named as preferred bidder for Australia's Arrium

A consortium including South Korean steelmaker Posco has been named as the preferred bidder for Arrium, according to the Australian steelmaker's administrator KordaMentha.

The consortium, headed by South Korean private equity firms Newlake Alliance Management and JB Asset Management, was chosen ahead of a bid by international metals group Liberty House, the administrator said on Thursday June 15.
“After a 14-month administration and a nine-month sale process, we are now an important step closer to providing certainty to employees, creditors, suppliers, customers and the Whyalla community,” KordaMentha partner Mark Mentha said.

KordaMentha and investment bank Morgan Stanley, which managed the sale process, “will work with the consortium to...

Published

Viral Shah

June 15, 2017

13:45 GMT

London