Liberty House to submit bid for Tata Steel UK today

Tata Steel. Photo: Mint

Metals group Liberty House will submit a letter of intent to buy the British assets of Tata Steel Ltd on Tuesday, a spokeswoman said, in the first concrete bid since the Indian conglomerate put the business up for sale, threatening thousands of jobs.

India’s Tata group announced plans to sell its entire UK steel operation in March, leaving the government battling to save an industry that has been hurt by cheap Chinese imports, soaring costs and weak demand.

Keen to avoid the loss of 10,000 jobs, the government has offered hundreds of millions of pounds in support to potential buyers, including the option of it taking a 25% stake in the firm alongside other buyers.

Liberty’s executive chairman Sanjeev Gupta had been the first businessman to express an interest in Tata’s loss-making assets which include the huge Port Talbot steel plant in Wales, and on Tuesday the firm said it would submit a bid.

“We can confirm that Liberty will submit a letter of intent to Tata Steel today and has put in place a strong internal transaction steering committee and panel of leading external advisers to take the bid forward,” the spokeswoman said.

“We hope to make a further short statement later today.”

Another group to emerge as potential buyers has come from Port Talbot itself where a management team have appointed advisers to work on a buyout plan.

The group, Excalibur Steel UK, has named Tata’s UK strip products director Stuart Wilkie as chief executive, according to a Companies House filing.

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Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.