Mon, 10 May 2010 | DIVISION SALE
Citigroup has been drafted in to handle the sale of Corus' Teesside steel plant, a move that would save over 2,000 jobs.
Corus, formerly British Steel, is understood to be currently undertaking early stage talks with Thailand steel group Sahaviriya Steel Industries PCL, while several other third parties are also interested.
Corus, owned by India's Tata Steel Ltd, reportedly said it is open to offers for the Redcar-based plant after a visit from Community Union and SSI representatives.
Rumour has it that a deal might not be reached at all, and that SSI in particular could find it difficult to incorporate the Teesside plant with its own operations.
Corus has been battling to keep the plant open after losing a ten-year contract with a consortium of companies that would have guaranteed the purchase of 80 per cent of its steel slab output. Since then, the group has taken legal action against the consortium for the withdrawal.
Earlier this year, Corus had no choice but to close down parts of the plant, with the subsequent loss of 1,500 jobs.
Presently, the steel plant is one of the largest employers in the region. Tata acquired Corus three years ago in a deal worth £4.3bn.
A well established premium eyewear designer and manufacturer operating throughout the UK and overseas.
A turnkey freehold hotel, restaurant and wine bar business opportunity located in Jedburgh; a pretty town in the Scottish Borders with a high concentration of attractions within small parameters
LEASEHOLD
Represent a West Midland based specialist printing services company seeking an industry savvy acquirer, or an interested newcomer.
26
|
Jul
|
Tunnelling construction technology company falls into administration | ADMINISTRATION
A tunnelling construction technology company based in Basing...
26
|
Jul
|
Sumer firm RMT completes second deal of the year | MERGER
RMT Accountants & Business Advisors, which is part of the Su...
25
|
Jul
|
Occupational health service provider secures PE backing for acquisitions | BUSINESS NEWS
A Hull-headquartered provider of occupational health service...
26
|
Jul
|
Tunnelling construction technology company falls into administration | ADMINISTRATION
A tunnelling construction technology company based in Basing...
26
|
Jul
|
Sumer firm RMT completes second deal of the year | MERGER
RMT Accountants & Business Advisors, which is part of the Su...
25
|
Jul
|
Surrey fit-out firm files administration notice | ADMINISTRATION
A major fit-out firm based in Surrey has filed a notice of i...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.