Seven bidders for Tata steel taken through to next phase of sales process

Tata say seven expressions of interest from those interested in buying its UK steel business are being considered as potential bidders in the sale.

 

The seven expressions of interest submitted have been immediately taken forward to the next stage of the sale process the Mumbai-headquartered company has said.

Bids expressing an interest in parts of the Tata UK steel business have been discounted and told their bids will not be considered.

Tata has reiterated a previous announcement that it is only interested in selling the UK business as a whole, which includes Shotton, and the seven expressions of interest have been immediately taken forward are on that basis.

Mr Koushik Chatterjee, Group Executive Director (Finance and Corporate) of Tata Steel Limited, said:

“We have been pleased with the response to the initial stage of the global sales process for Tata Steel’s UK business.

Today’s (Monday) announcement by Tata Steel Europe marks another important stage gate in this process.

The expressions of interest received have been through a robust initial assessment process with inputs received from the UK Government whose views have been considered by the Board.

We believe that the bids being taken forward offer future prospects of sustainability for the UK business as a whole.

The sales process will continue as announced earlier in an expedited and robust manner to deliver greater clarity for all key stakeholders such as employees, customers and suppliers.”

Mr Chatterjee continued:

“Whilst the sales process continues, Tata Steel’s business in the UK under the new leadership team continues to focus on the business performance.”

The next phase of the sales process will see the seven interested parties given access to further business information and management team presentations in order for them to progress their interest.