Jamshedpur, April 21: Tata Steel Europe has noted the current press coverage regarding a potential management buyout bid for Tata Steel UK.
As previously announced, following the board meeting of Tata Steel Limited on March 29 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, April 18, 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.
A press communiqu� issued by the company on Thursday stated 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 buyout 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.
