Following the recent advice from the Tata Steel Board to evaluate all options for the portfolio review of Tata Steel UK, the Board of Tata Steel Europe at its meeting held on March 31, 2016 reviewed several options and, keeping in view the interest of all stakeholders, has decided to commence the process of divestment of its entire shareholding in its subsidiary Tata Steel UK.
Accordingly, it has engaged the services of KPMG LLP as the advisers to the process while Slaughter and May will be the legal advisers to the proposed transaction.
It is the intention of Tata Steel Europe to run a thorough, but expedited sale process by reaching out to a wide universe of potential investors globally.
The formal process has commenced today with the despatch of the Summary Information Memorandum to potential investors.
KPMG and Slaughter and May also advised Tata Steel UK on the successful divestment process of Longs Steel UK, the subsidiary of Tata Steel UK.
Tata Steel and its advisers are committed to work together and conduct the process in a transparent and time bound manner.
For further information contact:
Call +44 (0)203 8176 693 or email email@example.com Alternatively, call Enda Joyce on +44(0) 7980916827.
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.