October 1, 2013 / 2:02 PM / 4 years ago

Sumitomo Corp to buy Edgen to expand distribution business

Oct 1 (Reuters) - Japan's Sumitomo Corp agreed to buy steel products maker Edgen Group Inc 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.

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