Sumitomo Corp to buy Edgen to expand distribution business
(Reuters) - Japan's Sumitomo Corp (8053.T) agreed to buy steel products maker Edgen Group Inc EDG.N for about $520 million to expand its global distribution business.
The offer of $12 per share represents a premium of 58 percent to Edgen stock's Monday closing price of $7.60.
Edgen's shares were up 56 percent at $11.89 in Tuesday morning trading on the New York Stock Exchange.
Baton Rouge, Los Angeles-based Edgen distributes specialty steel products such as pipes and valves to the energy and infrastructure industry.
(Reporting by Rohit T. K. in Bangalore; Editing by Kirti Pandey)
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