Last checked at 20 Apr 2016 15:23
20 April 2016
Press coverage regarding a potential Management Buy Out bid for Tata Steel UK
Tata Steel Europe has noted the current press coverage regarding a potential Management Buy Out bid for Tata Steel UK.
As previously announced, following the Board meeting of Tata Steel Limited on March 29th and on numerous occasions since that date, Tata Steel Europe is engaged in a process to seek strategic alternatives for Tata Steel's UK operations. To deliver greater clarity for all key stakeholders such as employees, customers and suppliers, Tata Steel Europe is committed to seeking all credible options in an urgent manner.
As announced on Monday 18th April this process had already resulted in the advisers to Tata Steel Europe beginning the initial exploration of interest in Tata Steel's UK operations with 190 potential financial and industrial investors worldwide. More detailed information sharing will commence this week as the process moves into the confidential phase.
Tata Steel Europe welcomes credible expressions of interest for Tata Steel's UK operations. It is our policy that we are not naming, confirming or commenting on any potentially interested investor or bidder at this point. All expressions of interest, including any Management Buy Out proposals, will be considered when received. In the interests of all stakeholders every credible expressions of interest will enter the same rigorous assessment process to ensure the best value and prospects of sustainability.
-ends-
For further information contact:
Call +44 (0)203 8176 693 or email tatasteelpressoffice@hanovercomms.com.
Notes to Editors About Tata Steel's European operations
Tata Steel is Europe's second largest steel producer, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe. The company supplies high-quality steel products to the most demanding markets, including construction, automotive, packaging, rail, lifting & excavating, energy and aerospace. Tata Steel works with customers to develop new steel products that give them a competitive edge. The combined Tata Steel group is one of the world's largest steel producers, with a steel capacity of more than 28 million tonnes and 80,000 employees across five continents.