SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Trump Backs Nexstar–Tegna Merger Amid Shifting U.S. Media Landscape 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Australian conglomerate SGH, controlled by media billionaire Kerry Stokes, has launched a major A$13.15 billion (US$8.83 billion) takeover bid for BlueScope Steel, a move that could significantly reshape the steel and industrial landscape in Australia and North America. The offer, which values BlueScope at A$30 per share, has already pushed the steelmaker’s share price to its highest level in nearly 17 years, highlighting strong market confidence in the proposed deal.
BlueScope confirmed after market close on Monday that it had received identical cash offers from Sydney-listed SGH and U.S.-based Steel Dynamics on December 12. Following the announcement, BlueScope shares surged as much as 21.5% on Tuesday to A$29.71, marking their strongest intraday gain since 2016 and their highest price since October 2008. The rally underscores investor optimism about the potential breakup and revaluation of BlueScope’s global operations.
Under the proposed transaction structure, SGH would acquire all of BlueScope’s shares before divesting the company’s North American operations to Steel Dynamics. SGH would retain control of BlueScope’s Australian assets, including Australian Steel Products, Asia Coated Products, and its businesses in New Zealand and the Pacific Islands. Both bidders argue that BlueScope’s Australian and North American divisions are not strategically aligned and would deliver greater value if operated separately.
Kerry Stokes, one of Australia’s wealthiest business figures, owns approximately 50% of SGH and has extensive interests across construction materials, energy, and media. Through SGH, he controls Boral, holds a roughly 30% stake in Beach Energy, and owns about 40% of Seven West Media. The BlueScope bid is seen as a strategic move to deepen SGH’s industrial footprint and strengthen its position in the Australian manufacturing and infrastructure sectors.
Investor enthusiasm has not been limited to BlueScope. Shares of SGH climbed as much as 5.1% to A$48.88, reaching their highest level since late October 2025, reflecting market approval of the acquisition strategy and the potential long-term value creation from the deal.
