Hebei Jingye to finish acquiring British Steel next week
2020-03-04 13:52:32 [Print]
Hebei Jingye Group will finish acquiring British Steel next week. Prior to this, Jingye Group sent contract offers to 3,200 employees of British Steel and job cuts notice to 400 employees.
There are still some uncertain factors about this acquisition as the French government opposes any Chinese company to acquire Hayange Mill, one of few profitable steel mills under British Steel. It's expected that this acquisition would progress well although the French government hasn't stated its opinions about this.
Jingye Group will pay GBP70 million (USD89.32 million) for this acquisition and will invest GBP1.2 billion (USD1.532 billion) in plant and equipment upgrades.
There are still some uncertain factors about this acquisition as the French government opposes any Chinese company to acquire Hayange Mill, one of few profitable steel mills under British Steel. It's expected that this acquisition would progress well although the French government hasn't stated its opinions about this.
Jingye Group will pay GBP70 million (USD89.32 million) for this acquisition and will invest GBP1.2 billion (USD1.532 billion) in plant and equipment upgrades.
