Quanex to spin off building products, be acquired

Newswire

NEW YORK, Nov 19 (Reuters) - Quanex Corp said on Monday its board has approved the spin-off of its building products business and the sale of its remaining auto parts business to a unit of Gerdau SA . Quanex, after the spin-off, would be acquired by Brazil's Gerdau for $39.20 per share in cash. The sale price indicates a total enterprise value of about $1.673 billion for the vehicular products business. All Quanex shareholders would receive one share of Quanex Building Products stock in ...

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