If we could embed sound, I'd be trashing up your Internet experience with a nice, loud bumpkin auctioneer clip. But that's only because I've never heard a warp-speed auctioneer with a Brit accent, which is what we might need to keep up with the bidding at Corus Group
The U.K. steelmaker remains the most popular belle at the steel industry's consolidation ball, receiving a new, 4.9-billion-pound ($9.58 billion) cash offer from Brazil's integrated steelmaker CompanhiaSiderurgica Nacional
The acquisition game has been pretty lucrative for Corus shareholders, as the stubs have more than doubled off the trailing year's low set late last December. And it would be tough to argue that this isn't the right move for Corus.
The deal with Brazil will -- in the best corporate-speak -- result in plenty of synergies, and allow the combined firm to boast an integrated structure that will take iron ore out of the ground in Brazil and get it to Corus's U.K. and Netherlands plants, which produce everything from feedstock to specialized plate and structural steel.
More interesting to this investor is the direction of the money flow in these takeovers. In combining to form the fifth-largest steel outfit on the planet, CSN and Corus are on better footing to compete with the India-born steel giant Mittal Steel
In other words, the movers and shakers in "emerging" economies are riding to the rescue of commodity producers in the old world -- the ones who used to do the buying and who are now saddled with high costs, making them less and less able to compete.
Who was it that rode to the rescue of struggling American steelmaker Wheeling Pittsburgh
Personally, I think it's only a matter of time before we see emerging economy producers looking for more and bigger stakes in American industries. I'm wondering just when we'll start seeing offers for the likes of AK Steel
Maybe not now, while the industry is still relatively flush and profits are strong. But give us time to move into a squishy economy, or an out-and-out housing-bust recession, and I think anything's possible. Think it could never happen? People used to feel the same way about Daimler-Chrysler
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At the time of publication, Seth Jayson had no positions in any company mentioned here. View his stock holdings and Fool profile here. Mittal Steel is a Motley Fool Inside Value recommendation. Fool rules are here.