France says four buyers looking at British Steel's French business
2020-03-06 08:11:06 [Print]
Four bidders have expressed interest in buying British Steel's French business, France's finance minister said on Wednesday after Chinese steelmaker Jingye Group said it would buy its British and Dutch assets.
Jingye said on Tuesday it would invest 1.2 billion pounds ($1.5 billion) to acquire British Steel's main plant in northern England, but questions remain over the sale of its Hayange plant in eastern France, which can be blocked by Paris.
French Finance Minister Bruno Le Maire said the plant was considered a strategic asset as a supplier for railway company SNCF, and that a sale therefore required government authorization.
British Steel was placed into compulsory liquidation in May after Greybull Capital, which bought it for a token one pound from Tata Steel in 2016, failed to secure funding to continue its operations.
Le Maire did not name the bidders, but a union source revealed that global number one steelmaker ArcelorMittal, Germany's Saarstahl, Olympus Steel and Britain's Liberty House, were interested. However, a source close to the matter played down Liberty House's interest.
Jingye said on Tuesday it would invest 1.2 billion pounds ($1.5 billion) to acquire British Steel's main plant in northern England, but questions remain over the sale of its Hayange plant in eastern France, which can be blocked by Paris.
French Finance Minister Bruno Le Maire said the plant was considered a strategic asset as a supplier for railway company SNCF, and that a sale therefore required government authorization.
British Steel was placed into compulsory liquidation in May after Greybull Capital, which bought it for a token one pound from Tata Steel in 2016, failed to secure funding to continue its operations.
Le Maire did not name the bidders, but a union source revealed that global number one steelmaker ArcelorMittal, Germany's Saarstahl, Olympus Steel and Britain's Liberty House, were interested. However, a source close to the matter played down Liberty House's interest.
