Liberty House wins approval for takeover of French steel plants
2020-08-17 14:13:52 [Print]
Liberty House has won approval to acquire a pair of steelworks in France, further expanding its business empire, after seeing off a rival bid backed by a Chinese investor.
The privately owned industrial group said it had received the green light from French authorities to take over the two facilities, which are located in the north of the country.
Liberty Houses intends to combine the businesses and said it had committed to providing an initial €65m in financing. Its plan will see the Hayange mill in Moselle, which manufactures rail for train lines and the Paris metro, supplied with steel made from recycled scrap at the Ascoval plant in Saint-Saulve.
The development is a blow to British Steel, which previously owned the Hayange mill before falling into liquidation last year. Under its new Chinese owner, Jingye Group, the UK steelmaker was seeking to regain control of the site.
The privately owned industrial group said it had received the green light from French authorities to take over the two facilities, which are located in the north of the country.
Liberty Houses intends to combine the businesses and said it had committed to providing an initial €65m in financing. Its plan will see the Hayange mill in Moselle, which manufactures rail for train lines and the Paris metro, supplied with steel made from recycled scrap at the Ascoval plant in Saint-Saulve.
The development is a blow to British Steel, which previously owned the Hayange mill before falling into liquidation last year. Under its new Chinese owner, Jingye Group, the UK steelmaker was seeking to regain control of the site.
