7 buyers step up to acquire Tata’s UK assets

Tata Steel announced that 7 buyers have expressed interest to acquire its UK assets.

The Dollar Business bureau


The board of Tata Steel Europe on Monday announced that seven buyers have shown interest to acquire Tata Steel UK’s assets. All the dealers have been immediately taken forward to the next step of the sale process.

The company had said that the main intention of Tata Steel Europe is to evaluate expressions of interest for the entire UK business of Tata Steel, and not in parts alone. On this basis, the received expressions of interest from seven bidders have been immediately taken forward. However, expressions of interest for part bidding of business have been put on hold at this point.

Tata Steel Europe is making its intentions clear to other parties who have submitted an expression of interest.

The company also acknowledged remaining parties who submitted expressions of interest and informed that their expressions would not be taken forward at the time.

Koushik Chatterjee, Group Executive Director, Tata Steel Ltd, said, “We are very happy to get such a response in the initial stages of the sales process for our UK business. The expressions of interest we have received through a strong initial evaluation process with feedback from the Government of UK, whose views have been taken into consideration by the Board.”

Chatterjee expressed confidence that the bids being taken forward will enhance the future prospects of sustainability for the Tata Steel’s UK business as a whole.

He said the sales process will continue in an expedited and robust manner as per the company’s earlier announcements. The aim is to deliver greater clarity for all key stakeholders such as customers, employees and suppliers.

Recently, Excalibur Steel UK Ltd, one of the potential bidders of Tata’s steel business in UK, said it was planning to cut another 1,000 jobs if it remained successful in the bidding process.

 

The Dollar Business Bureau - May 10, 2016 12:00 IST
 
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