LONDON, U.K. – Liberty House has reportedly announced a bid to acquire Tata Steel's loss-making U.K. assets on May 3.
According to reports, the London Metals group - Liberty House was the first firm to express interest in buying Tata Group's entire U.K. steel operation after the steel giant gave up these assets for sale in March 2016.
Reports added, Liberty's Executive Chairman Sanjeev Gupta reportedly confirmed the submission of a letter of intent to Tata Steel prior to announcing the deal.
Further, a management buyout firm called Excalibur Steel also claimed to have submitted their letter of intent in hopes of acquiring Tata Steel U.K.
A Companies House filing reportedly stated that Tata's U.K. strip products director Stuart Wilkie has been appointed as Chief Executive Officer, and the company has further chosen advisers to work out a buyout plan.
The U.K. government was reportedly enthusiastic about the decision made by Tata Steel, as it would potentially save 10,000 jobs, and further offered to take a 25 percent stake in the firm post the purchase.
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