Essar withdraws $1.2 bn bid for Esmark

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Essar withdraws $1.2 bn bid for Esmark

Essar Steel has withdrawn its USD 1.2-billion bid for US-based steel company Esmark. The move comes after Russian company Severstal bid significantly higher - offering USD 19.25 a share, against Essar's offer of USD 19 per share. The Russian bid is also supported by the Esmark union.

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Essar Steel has withdrawn its USD 1.2 billion bid for US-based steel company Esmark .

The move comes after Russian company Severstal bid significantly higher - offering USD 19.25 a share, against Essar's offer of USD 19 per share. The Russian bid is also supported by the Esmark union.

Essar Global, a subsidiary of Ruias-led Essar group, had raised the bid to USD 19 a share from the original USD 17, the company also extended a USD 110 million loan to Esmark, which helped the US steel company address a potential default.