Date: September 25, 2007
Source: News Room
Sims Group Ltd., the world's biggest recycler of scrap metal, is buying U.S.-based Metal Management Inc. for $1.49 billion in stock which equates to $57.75 per share and represents an 18% premium. Buying Metal Management will give Sims control of about 13% of the U.S. metal-recycling industry and more than 200 operations on four continents. Sims Chief Executive Officer Jeremy Sutcliffe has been buying rivals, including New York-based Hugo Neu Group, to expand and gain more control over scrap prices. Metal Management investors will receive 2.05 American depositary receipts of Sydney-based Sims for each share.
For more information, visit: www.sims-group.com.
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