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Liberty House arranges funding for Tata Steel UK bid

22nd Jun 16 12:34 pm

Liberty House is among the list of suitors for Tata Steel’s UK operations

The Dubai-based industrial group Liberty House has arranged financing to support its bid for India-based Tata Steel’s assets in the UK.

Sanjeev Gupta, Liberty House Group’s executive chairman, said on June 21 that Liberty House has tied up funding from undisclosed banks in India and the UK, in addition to several unnamed private investment firms, to help support its bid for Tata Steel UK.

Liberty House is among the list of suitors that have submitted offers for buying Tata Steel’s operations in the UK.

Tata Steel said in March that it intended to exit the UK. It is understood that Tata will shortlist Liberty House, Endless and the MBO team Excalibur Steel UK Limited as preferred bidders for Tata Steel UK. Indian counterpart JSW Steel, North Carolina-based Nucor Corporation and China’s Hebei Iron and Steel also submitted offers for Tata Steel UK.

The Tata Steel board is thought to be divided regarding Port Talbot’s future. Tata Steel Limited is considering retaining Port Talbot should it be offered the same incentives by the UK government as have been offered to prospective buyers.

This story first appeared on Acquisitions Daily, a leading publication that provides critical comment, analysis and statistics on every important issue in acquisitions, mergers and buyouts. Sign up here for a free trial.

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