I picked up an interesting nugget on the Stemcor situation scurrying around in the undergrowth this afternoon.
For readers that don't recall, Stemcor - one of Britain's largest privately-owned companies - is in a tough situation following a financial restructuring.
And Reuters reported a few days ago that Apollo, the private equity/hedge fund founded by Leon Black, is pushing for ownership of Stemcor via a debt-for-equity swap. Here is a link to the Reuters piece:
http://uk.reuters.com/article/2015/04/16/uk-stemcor-restructuring-steel-idUKKBN0N71U420150416
However, financing sources tell me Stemcor has been approached by a mystery US trade buyer for its core steel trading business. Although the potential purchaser is a "trade" buyer - i.e. not private equity - I understand the buyer is not currently connected to the steel trading industry.
Talks are said to be relatively advanced and Stemcor - which is owned by the Oppenheimer family including Margaret Hodge, the Labour MP and Chair of the Public Accounts Committee - has appointed bankers from Greenhill to thrash out a deal with the Americans as soon as possible.
Apollo, meanwhile, has hired corporate financiers from Lazard to help it take control of Stemcor.
Stemcor declined to comment.
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