Takeover target BlueScope Steel is forecast to have an extra $2 billion to pay out to shareholders by 2029, an improving cash position that raises the stakes for spurned suitors Steel Dynamics and SGH as they weigh up whether to increase their offer.
Broking house Jefferies said its estimate for the step-up in free cash flow equated to about $5 per share, and was based on the value the steel maker would create from a nearly completed round of capital investment.
