Schnitzer's purchase of Proler held up by Hugo Neu

摘要

Schnitzer Steel Industries' acquisition of scrap company Proier International was held up in mid-October as the two companies tried to resolve legal disputes with Hugo Neu Corp. Schnitzer and Proler agreed on terms of the deal on Sept. 15th, and Schnitzer began a tender offer for Proier's shares on Sept. 20th. The value of the acquisition is about 35 million dollars, Schnitzer says. Schnitzer Steel operates scrap companies in California, Oregon, and Washington and owns Cascade Steel Rolling Mills, a minimill in McMinn-ville, Ore. Proier is one of the largest exporters of ferrous scrap through its joint ventures in Los Angeles and on the East Coast.