Liberty House to submit bid for Tata Steel today.
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Sanjeev Gupta’s Liberty House group has confirmed it is submitting a bid for Tata Steel’s UK business.
The commodities trading firm has emerged as front runner for the business after showing an interest in Tata’s UK steel assets which includes Shotton Steelworks.
A Liberty House spokesperson is widely quoted in media reports saying:
“We can confirm that Liberty will submit a letter of intent to Tata Steel on Tuesday and has put in place a strong internal transaction team and panel of leading external advisers to take the bid forward,”
Tata is asking for expressions of interest this week, the Mumbai-headquartered company wants to complete any deal for the UK steel business by mid-June.
Liberty are being advised by several former Tata Steel executives including Jon Bolton, who until last year was the head of Tata’s Long Products business in Europe.
Macquarie, the Australian bank, was advising Liberty on a potential bid and is considered a potential financial backer of any takeover.
As well as Tata’s Shotton site Liberty are looking to acquire the UK’s largest steelworks at Port Talbot plus Newport, Rotherham, Corby and Teesside.
Staff at Shotton have said they are still being kept in the dark over the future of their site and jobs, one long-serving steel worker who didn’t want to be named said ” We haven’t a clue whats going on, everything we hear is just speculation, it’s not helping![/vc_column_text][vc_column_text]
Deputy Leader of the Labour Party Tom Watson MP is joining Carl Sargeant, Labour candidate for Alyn and Deeside, at Tata Shotton this morning.
The pair will be talking with management, trade unions and workers to show their solidarity with the hugely profitable plant in the midst of the steel crisis.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Who is Sanjeev Gupta?
Mr Gupta is the Executive Chairman of Liberty House, ‘part of a diversified international group which encompasses commodities supply chain management, steel, energy and engineering industries, infrastructure, real estate development and banking’ their webiste says.
Mr Gupta started the Group in 1992 while reading Economics and Management at Trinity College, Cambridge University. From a general merchant business, focused on Africa, in 24 years he grew the Group into a global enterprise with a network of offices spread across 30 countries.[/vc_column_text][/vc_column][/vc_row]
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