Essar withdraws $1.2 bn bid to acquire US firm

New Delhi, Jun 26: Essar group, the country's steel major, on Thursday, June 26 withdrew its 1.2 billion dollar bid to acquire the US-based steel company Esmark. Essar, controlled by the Ruias, has withdrawn the bid as Russian steel major Severstal, which is supported by the Union of the US steel company, had announced a higher bid.

''We have withdrawn our bid and we will keep on looking for opportunities for global expansion,'' an Essar spokesperson said. Essar had raised its bid from 17 dollars to 19 dollars a share, but Severstal came up with a higher bid of 19.25 dollars per share.

UNI