A steal of a steel deal?

It’s not unusual for European companies targeted by foreign buyers to find themselves local white knights. But the outsiders are usually allowed to at least make a formal bid first. That hasn’t happened with Boehler-Uddeholm. The Austrian speciality steel producer had been in talks with CVC, a Luxembourg-based buyout firm, over a possible takeover. CVC probably thought it was making progress. It even struck an agreement with BU Industrieholding, Boehler’s biggest shareholder, to buy its 21% sta...