J.P. Morgan Sees Potential Vestas Guidance Upgrade Amid Strong Wind Energy Demand 
Trump Administration Delays DeepSeek and CXMT Trade Blacklist Designations Amid U.S.-China Tensions 
SK Hynix Shares Hit Record High After Shipping Next-Generation HBM4E AI Memory Samples 
Ukrainian Drone Makers Target Japan and Asia Defense Market 
Carro Expands Into Australia With Acquisition of Used-Car Platform CarPlace 
Saudi Aramco Explores Sulphur Business Stake Sale to Raise Billions 
Qantas Nears Launch of World’s Longest Non-Stop Flights to London and New York 
Apple Signals Product Price Hikes Amid Rising Memory Chip Costs 
Meta Seeks Legal Shield From Child-Harm Lawsuits Amid KOSA Talks 
BHP Shares Fall as Jansen Potash Project Costs Surge 
SpaceX Surpasses Amazon in Market Value as Post-IPO Rally Accelerates 
GM and Lockheed Martin Partner to Strengthen U.S. Defense Manufacturing Capacity 
HSBC Australia Faces A$35M Penalty Over Scam Protection Failures 
SoftBank Shares Drop as OpenAI Losses and Rising Costs Spark Investor Concerns 
John Jumper Leaves Google DeepMind for Anthropic Amid Intensifying AI Talent Race 
Obayashi to Acquire Multiplex in $526M Expansion Deal 
Kingboard Holdings Shares Surge After HK$11.77 Billion Block Trade to Expand PCB and AI Supply Chain Business 
AustralianSuper, the largest shareholder in BlueScope Steel, has publicly supported the company’s decision to reject a $9 billion takeover offer from SGH and U.S.-based Steel Dynamics, stating that the proposal significantly undervalued the Australian steelmaker. The announcement reinforces growing resistance to the bid and highlights the increasing influence of Australian pension funds in major corporate transactions.
The pension fund, which now holds a 13.52% stake in BlueScope Steel after raising its ownership from 12.5%, said the A$30 per share offer failed to reflect the company’s true underlying value. BlueScope formally rejected the offer earlier this week, describing it as “very significantly undervalued” and accusing the prospective buyers of attempting to acquire the business “on the cheap.”
An AustralianSuper spokesperson confirmed the fund’s alignment with the BlueScope board, emphasizing confidence in the company’s long-term strategy. According to the spokesperson, AustralianSuper would only consider supporting a transaction at a price materially higher than the current A$30 per share proposal. This position effectively strengthens BlueScope’s defense against the takeover attempt and signals limited shareholder appetite for the deal at the offered valuation.
The rejected bid, led by private investment group SGH in partnership with Steel Dynamics, has drawn significant attention due to its size and potential impact on Australia’s steel industry. SGH declined to comment on AustralianSuper’s remarks, while BlueScope did not immediately respond to requests for comment.
AustralianSuper’s stance reflects a broader trend of large Australian pension funds playing a more assertive role in mergers and acquisitions. The fund previously played a key role in blocking Brookfield’s $10.6 billion takeover bid for Origin Energy, also citing undervaluation concerns. As Australia’s largest pension fund, AustralianSuper’s decisions often carry substantial weight in determining the outcome of major corporate buyouts.
With strong shareholder backing and a firm rejection from the board, BlueScope Steel appears committed to remaining independent and focused on executing its growth strategy. The situation underscores the challenges faced by potential acquirers in securing large-scale takeovers when major institutional investors believe the offer does not adequately capture long-term value.
