Norton Rose Steers Sumitomo In $520M Edgen Group Buy

Law360, New York (October 1, 2013, 6:19 PM EDT) -- Japanese trading giant Sumitomo Corp. will buy out energy supplier Edgen Group for $12 per share or about $520 million, the companies said Tuesday.

The offer is a 58 percent premium on Edgen's Monday closing price and represents Sumitomo's strategy to increase its presence in the hydrocarbon energy industry. Edgen has agreed to the deal, and if it passes regulatory approval, the companies expect it to finalize by the end of the year.

“The investment in Edgen Group will represent further expansion of Sumitomo’s distribution presence...
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