Ovako readies €300m of bonds after joining bid for bankrupt Ascometal

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By Olivier Holmey
15 May 2014

Swedish steelmaker Ovako this week began a roadshow of a €300m high yield bond, two days after announcing it had entered negotiations to bid for the assets of bankrupt French counterpart Ascometal.

Ovako hopes to join a group of French industrialists and investors that plan to bid for Ascometal’s assets. Ascometal went into administration in early March, after months of declining revenues.

But because Ovako would take over only some of Ascometal’s assets, even if its bid is successful, the ...

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