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Report: GFG Alliance makes bid for steel trader Stemcor

GFG Alliance has made an approach to purchase steel trader Stemcor AG from a group of investors which include U.S. private equity firm Apollo, the Financial Times reported Dec. 16, citing unnamed sources.

The collection of companies controlled by Indian-British industrialist Sanjeev Gupta's family submitted a proposal earlier this month based on a range of valuations, including one close to the trading company's net asset value of US$150 million.

Responding to the report, Stemcor said it was evaluating options on its future ownership structure and that it had appointed advisers that have been approached by interested parties.

GFG has been on an M&A spree this year, with deals for assets including Rio Tinto's Dunkerque aluminum smelter in France for US$500 million and U.S. based steelmaker Keystone Consolidated Industries Inc. for US$320 million.