Tata turned down £100m UK-based offer
TATA STEEL reportedly turned down a “£100m plus” offer for its entire UK steel operations from Liberty House in favour of a rival deal.
The Sunday Times has reported that India-based Tata Steel turned down the offer 10 days ago in favour of a partial deal with Thyssen Krupp.
The German giant is said to be acquiring the business’ strip steel operations based at Port Talbot, with its specialist steelworks, based in South Yorkshire, being bid for by Liberty and Albion Steel.
A Tata spokesman said: “Bids were considered in detail on the basis of commercial value and prospects for the future sustainability of the UK business. As bids were confidential we cannot comment on specific aspects.”
The news comes four months after Tata bosses announced they were looking to sell the UK business as costs skyrocketed, risking 11,000 jobs.
In June, Greybull Capital acquired the firm’s Long Products division based at Scunthorpe in a £1 deal with a £400m rescue package attatched .
