ASX 200 midday update: IGO increases Western Areas offer, BlueScope makes US acquisition

Here’s what is happening on the ASX 200 today…

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At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) has given back the majority of its early gains but remains slightly in the black. The benchmark index is up a touch to 7,483.3 points.

Here’s what is happening on the ASX 200 today:

IGO increases Western Areas offer

The IGO Ltd (ASX: IGO) share price is charging higher today after the battery materials company increased its takeover offer for nickel producer Western Areas Ltd (ASX: WSA). According to the release, IGO has agreed to increase its offer to $3.87 cash per share, which is 15.2% higher than its previous proposal of $3.36 per share. This offer has been unanimously recommended by the Western Areas board, subject to a number of customary conditions.

Pilbara Minerals joint venture update

The Pilbara Minerals Ltd (ASX: PLS) share price is pushing higher. This follows the release of an update on its joint venture with Korea’s Posco. According to the release, the two companies will push ahead with the construction of a downstream lithium chemicals conversion facility in South Korea. Management believes the facility will put it in a very strong position to participate as one of the few near-term lithium fine chemicals producers with underwritten raw materials supply.

BlueScope makes US acquisition

The BlueScope Steel Limited (ASX: BSL) share price has started the week positively thanks to the announcement of an acquisition. According to the release, the company has agreed to acquire the Coil Coatings business from Cornerstone Building Brand for US$500 million ($671 million). Coil Coatings is the second-largest metal painter in the US. The deal will allow BlueScope to supply another 900,000 tonnes of paint a year to that market.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Regis Resources Limited (ASX: RRL) share price with a 5% gain. This morning Credit Suisse retained its outperform rating and lifted its price target on the gold miner’s shares to $2.60. Going the other way, the worst performer on the index has been the Tyro Payments Ltd (ASX: TYR) share price with a 4% decline. This follows weakness in the tech sector and the release of a weekly trading update.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Tyro Payments. The Motley Fool Australia has recommended Tyro Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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