BlueScope Steel Ltd.'s New Zealand Steel Ltd. unit acquired an around 15.8% stake in Steel & Tube Holdings Ltd. for A$42.3 million.

The company noted in an Oct. 17 release that it does not plan to make a takeover offer for Steel & Tube Holdings.

Steel & Tube is a customer of New Zealand Steel.

According to a same-day report by The Australian Financial Review, BlueScope acquired the stake from New Zealand-based fund manager Milford Asset Management.

The transaction comes a few days after Fletcher Building dropped its proposed A$288 million takeover of Steel & Tube Holdings, the publication added.