Mario Gabelli Discloses 5% Stake in Edgen Group

Gamco Investors, Edgen Group: In a new 13D filing, Mario Gabelli, and Gamco Investors reported holding a 5.29% position in Edgen Group Inc (NYSE:EDG). According to the filing, Mario Gabelli holds an aggregate amount of around 1 million shares of the company, worth some $12 million, at the current price of the company’s stock. Gamco did not disclose ownership of Edgen Group shares in its latest 13F filing.

Mario Gabelli

At the beginning of October, Edgen Group and Sumitomo Corporation/Sumitomo Corporation of America said that they entered into a definitive merger agreement in which Sumitomo will purchase all of the outstanding shares of Edgen for $12 apiece in cash. The deal is expected to be completed by the end of the year, but is yet to be approved by regulators.

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