Apple Tests China’s CXMT Memory Chips for iPhones and MacBooks Amid AI Supply Crunch 
OpenAI Restricts Astra AI Over Cyberattack Risks 
Cloudflare Stock Jumps 15% as Earnings Beat Estimates, 2026 Outlook Raised 
SK Hynix, Samsung Lead Asian Chip Stock Selloff After Sandisk, Western Digital Outlook 
AMP Shares Surge 13% After Strong Profit and A$150 Million Buyback 
Alphabet Stock Slides as Google AI Pioneer Jeff Dean Exits to Launch Discovery Loop 
Nintendo Shares Jump as Switch 2 Sales Boost Earnings 
Qantas Shares Climb as Long-Haul Pilot Deal Eases Strike Concerns 
Airbnb Stock Jumps After Q2 Earnings Beat, Strong 2026 Outlook 
Meta Ordered to Pay $567M Over Child Safety Violations in New Mexico 
SoftBank Q1 Profit Beats Forecast as Intel Rally and OpenAI Investments Boost Returns 
Sony, TSMC Eye $6.3 Billion Japan Chip Venture for Next-Gen Image Sensors 
Nvidia Seen Beating Q2 Targets as Vera Rubin Cycle Begins 
Sinopec Boosts Russian ESPO Oil Purchases as Middle East Supply Tightens 
SanDisk Q4 Earnings Beat Estimates as Q1 Revenue Outlook Meets Expectations 
Deutsche Bank Upgrades Persimmon to Buy After Strong First-Half Results 
UOB Q2 Net Profit Rises 10% as Wealth Management Growth Boosts Earnings 
BlueScope Steel shares fell nearly 5% on Thursday after the Australian steelmaker rejected a revised A$15 billion ($10.7 billion) takeover proposal from a consortium comprising SGH and U.S.-based Steel Dynamics. The company’s board stated that the updated offer still does not reflect the “fair value of BlueScope,” signaling that negotiations may continue if the bid improves.
The consortium’s revised proposal of A$34 per share has effectively been reduced to A$32.35 per share after accounting for a previously declared A$1 special dividend in January and a A$0.65 interim dividend. BlueScope has also announced plans to distribute an additional A$1.35 per share to investors in 2026, further impacting the overall valuation of the deal.
In response to the announcement, BlueScope shares dropped as much as 4.9% during early trading before trimming losses to close about 2.6% lower. Meanwhile, the broader S&P/ASX200 index rose 0.4%, highlighting investor concerns specific to the BlueScope takeover bid.
BlueScope Chair Jane McAloon, in a letter addressed to SGH and Steel Dynamics and released to the ASX, emphasized that the current offer price is insufficient for the board to recommend a scheme of arrangement to shareholders. She noted that there are potential pathways to enhance shareholder value but stressed that the proposal must be improved.
A key issue for BlueScope’s board is the valuation of its North American assets, which are expected to be sold to Steel Dynamics as part of the proposed transaction. The company is seeking greater clarity on how these assets are being assessed. Additionally, BlueScope has requested further details regarding the funding structure behind the takeover offer.
Importantly, the board rejected the consortium’s request to recommend the deal before conducting due diligence. McAloon stated that BlueScope remains open to constructive engagement, including providing due diligence access, provided the consortium addresses the outlined concerns and increases the overall value offered to shareholders.
The ongoing negotiations underscore the high stakes surrounding one of Australia’s largest steel industry takeover attempts.
