Sims Group Ltd. has acknowledged that Hugo Neu Corp. representatives have contacted advisors to advise the company on possible strategies for its position in Sims.
Hugo Neu, which has a 26 percent stake in Sims Group, is considering as one option the sale of some or all of its stock in the company. Hugo Neu is the largest shareholder in Sims, which is the largest metal recycling company in the world. Sims Group acquired Hugo Neu about two years ago for around $450 million.
According to an announcement made by Sims, Hugo Neu is restricted from selling any of its shares in the company until the end of April 2007. According to published reports, Hugo Neu’s stake in the company is around $553 million. The company may consider waiving the lock up period if requested, although in its announcement Sims says that Hugo Neu has not requested that strategy.
Latest from Recycling Today
- Autocar releases Smart Battery Cable to advance refuse truck fire safety
- PLASTICS launches Positives of Plastics website
- Impact Air Systems launches compact ZAC400
- PCA to shut down paper machines at Washington containerboard mill
- BMRA provides landfill guidance for UK shredder operators
- Fornnax high-capacity tire recycling plant
- EU introduces measures to secure raw materials, strengthen economic security
- US Steel to restart Illinois blast furnace
