xAI Cash Burn Highlights the High Cost of Competing in Generative AI 
Federal Appeals Court Blocks Trump-Era Hospital Drug Rebate Plan 
Chevron Seeks Expanded U.S. License to Boost Venezuelan Oil Exports Amid Sanctions Talks 
FDA Limits Regulation of Wearable Devices and Wellness Software, Boosting Health Tech Industry 
China Reviews Meta’s $2 Billion AI Deal With Manus Amid Technology Control Concerns 
Nvidia Appoints Former Google Executive Alison Wagonfeld as First Chief Marketing Officer 
Baidu’s AI Chip Unit Kunlunxin Prepares for Hong Kong IPO to Raise Up to $2 Billion 
Newmont Goldcorp Expects Lower Q1 2026 Gold Output After Western Australia Bushfire 
Lenovo Unveils AI Cloud Gigafactory With NVIDIA and Launches New AI Platform at CES 2026 
UBS Upgrades L’Oréal to Buy, Sees Strong Sales Momentum and 20% Upside 
Avelo Airlines to End DHS Deportation Flights and Close Arizona Base Amid Rising Costs 
Hyundai Motor Shares Surge on Nvidia Partnership Speculation 
SK Hynix Shares Hit Record High as AI Memory Demand Fuels Semiconductor Rally 
Hanwha Ocean Shares Rise on Plans to Expand U.S. Shipbuilding Capacity 
FCC Exempts Select Foreign-Made Drones From U.S. Import Ban Until 2026 
Samsung Forecasts Strong Q4 Profit on AI-Driven Memory Chip Boom 
Jollibee Plans U.S. Listing for International Business, Shares Rally 
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.
