Europe | October 5, 2016

Liberty House frontrunner to acquire Tata businesses in the UK

United Kingdom: The British media have reported that Liberty House has emerged as a frontrunner to acquire Tata Steel's up for sale businesses in the UK, having tabled substantial cash offers for Tata’s speciality steels and tube pipe businesses.

 

United Kingdom: The British media have reported that Liberty House has emerged as a frontrunner to acquire Tata Steel’s up for sale businesses in the UK, having tabled substantial cash offers for Tata’s speciality steels and tube pipe businesses.

While Indian-owned Tata is now considering a merger of its European operations – which in the UK is based around its primary steelmaking plant at Port Talbot – with German conglomerate ThyssenKrupp, it is continuing sales processes for its speciality steels and tube pipe businesses in Yorkshire, reports Wales Online.

It is understood that Liberty House has tabled substantial cash offers for both businesses.

Liberty, along with a number of other bidders, including Excalibur Steel, was looking to acquire Tata Steel UK, which employs 10,000 directly in the UK with around 4,000 at Port Talbot.

However, that process – although Tata insists it is exploring all options – has lost momentum after Tata confirmed in July it was considering a merger of its European operations, which apart from the UK also covers its huge Ijmuiden steel plant in Holland.

Liberty House, whose executive chair is Sanjeev Gupta, declined to comment.

Source: Wales Online