European group in final stages of NSC buyout

The Pentium Group (PG) announced yesterday that they have successfully completed the buyout offer and financing arrangements to purchase National Steel Corp. (NSC). Pentium Group is in the final stages in its preparation to sign the offer sometime next week.

Pentium Financing has been done in conjunction with the DLJ Group in New York.

The Philippine government in general terms has given the go ahead to the Pentium Group offer and acquisition of NSC. The government is awaiting the final commitments in relation to the Pentium Group acquisition.

Gilles Corset, chairman of the board of the Pentium Group based in Paris and Geneva said he is confident that NSC, under its new management will flourish and will supply all the steel requirements of the Philippines. The excess production will be exported to other Asian countries and become a major source of foreign currency.

Plans are already underway for NSC initial public offering (IPO), two years after the re-start of its operation. The IPO already has indications of interest, and is actually over subscribed in the French and Swiss markets.

Pentium Group has plans of turning NSC into a B2B (Business to Business) Internet business model. All production planning supplier relations and orders will be coordinated and processed through the Internet. This is to facilitate the large volume of transactions that is anticipated by NSC.

Pentium Group has been in discussion with Microsoft and Data Return Corp. which has agreed to take care of all the B2B requirements for NSC. This move is intended to revolutionize NSC and jumpstart it's transition into the new age of Internet e-commerce.