Tata Steel starts UK sale |
Tata Steel on April 11 kickstarted the sale process for its cash-guzzling UK business with divestment of Long Products Europe business unit to investment firm Greybull Capital for a “nominal” amount.The embattled steelmaker also appointed KPMG LLC as process advisors as well as Slaughter and May as the legal advisors for “thorough, but expedited sale” of the entire shareholding in its subsidiary Tata Steel UK.Tata Steel UK announced “signing of an agreement to sell its Long Products Europe business to family investment office, Greybull Capital.”“Sale for a nominal consideration, would be in exchange for Greybull Capital taking on the whole of the business, including assets and relevant liabilities, and securing an appropriate funding package.”
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