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Todd Corp may bid for Australia's Arrium

NZN 3/05/2016 Tina Morrison

Todd Corp may make a bid for Australian iron ore miner and steelmaker Arrium which is in voluntary administration, according to an Australian media report.

The Wellington-based holding company for New Zealand's wealthiest family, may be interested in buying all of Arrium, which is currently in the hands of administrators KordaMentha, the Australian newspaper reported.

Todd Corp executives weren't immediately available to comment.

Still, Todd may face stiff competition from other international suitors such as Cerberus Private Equity, which is partnering with Argand in a bid for the business, the newspaper reported.

Todd Corp has extensive holdings in the oil and gas, commercial property, and communications sectors, having started life in 1885 as a wool-scouring business and morphed in the 1930's into vehicle assembly.

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