Brazilian steelmaker Gerdau bids for assets of France's Ascometal
PARIS May 12 (Reuters) - Brazil's Gerdau, the largest steelmaker in the Americas, has filed an 86 million euro ($118.30 million) bid for the assets of bankrupt French engineering steel manufacturer Ascometal, a source close to Gerdau told Reuters on Monday.
The source said Gerdau, which has a market capitalisation of $10.4 billion and employs 45,000 peope, is interested in Ascometal's industrial base close to the key German market, especially its operations in northeastern Hagondange and Dunkerque on the northern coast.
"Our target is to create the European market leader in speciality steels, with a 15 percent market share," the source said.
Gerdau's 86.3 million euro ($118.71 million) bid includes 44.3 million euros for the acquisition and an extra 42 million euros to assume various Ascometal liabilities. It would also invest 150 million euros in the business over the next five years, the source said.
A group of French industrialists and investors announced this month that they planned to bid at least 40 million euros ($56 million) for Ascometal assets. ($1 = 0.7270 Euros) (Reporting by Geert De Clercq; Editing by David Goodman)
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