Kerry Stokes, BlueScope steel and super not a successful mix

Seven Group Holdings Ltd (SGH), the parent company of billionaire Kerry Stokes and his son and company CEO Ryan Stokes, appears doomed to fail in its $13.2 billion bid in collaboration with US steel giant Steel Dynamics to seize control of Australia’s steel industry through a bid for BlueScope Steel.

BlueScope and its largest shareholder, AustralianSuper, He rejected Stokes’ offer $30 per share. Whether SGH can raise more cash is an interesting question, given that the current offer is already heavily reliant on debt, it’s unlikely Stokes will offer any equity in SGH that would dilute his stake. 50.9% check