Philip sells U.S. steel unit

Article Abstract:

Philip Services Corp. has forged a deal to sell Houston, TX-based steel distributing firm Intsel to Metals USA Inc. for an undisclosed amount. The proposed sale comes on the eve of Philip Services' first meeting with shareholders after becoming involved in a period of writedowns and lawsuits. Philip declined to disclose details of the deal, saying the proceeds from the all-cash sale will be used to pay down bank debt. Houston, TX-based Metals USA is a fast growing firm making an effort to consolidate the steel distribution business of the steel industry.

Comment:

Forges a deal to sell steel distributing firm Intsel to Metals USA for an undisclosed amount

Steel Service Centers, Metal Service Centers and Offices, Intsel

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Philip Services gets bids for two units of metals group

Article Abstract:

Hamilton, Ontario-based Philip Services Corp. discloses that it is actively conducting negotiations for the sale of its ferrous business in the US and its aluminum operations. Philip Services is looking to lessen its debts worth $1.1 billion through a debt-restructuring program and has also placed nearly all of its metals-group units on the selling block in an effort to lessen its debts. Philip Services, however, opted not to invite acquisition bids for its copper business, whose profits it is seeking to boost.

Comment:

Discloses that it is actively conducting negotiations for the sale of its ferrous bsns in the US & its aluminum operations

Primary Iron & Steel, Iron and Steel Mills and Ferroalloy Manufacturing, Ontario, Aluminum, Primary Aluminum Production, Aluminum industry, Aluminum products

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Empire sells stake in grocer for $1.2-billion

Article Abstract:

Empire Co Ltd has agreed to sell its 24.6% stake in Hannaford Bros Co of Scarborough, ME, to Food Lion Inc of Salisbury, NC, for C$1.2 billion. The sale is in support of Food Lion's $3.3 billion takeover bid for Hannaford. Empire CEO Paul Sobey said the sale will give Empire an accounting gain of around C$600 million on its investment. Food Lion's acquisition of Hannaford will create the sixth-biggest grocery chain in the US.

Acquisitions & mergers, Supermarkets and Other Grocery (except Convenience) Stores, Grocery Stores, Hannaford Brothers Co., Food Lion L.L.C.

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