Bulletin
Investor Alert

Oct. 16, 2020, 5:33 a.m. EDT

Liberty Steel bids to buy Thyssenkrupp Steel unit

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

By Adria Calatayud

Liberty Steel Group, part of GFG Alliance Ltd., said Friday that it has made a non-binding indicative offer to acquire Thyssenkrupp AG's steel operations.

The U.K.-based company said a possible combination between the two businesses would create a group that was well positioned to tackle the challenges faced by the European steel industry. The businesses are complementary with respect to assets, product lines, customers, and geographic footprint, Liberty Steel said.

Liberty Steel said its nonbinding indicative offer, which is supported by a number of financial institutions, is subject to certain assumptions about the business. The company said it is open to intensify talks with Thyssenkrupp and would like to engage in further due diligence to present a potential binding offer.

Terms of Liberty Steel's proposal weren't disclosed.

There is no certainty that the discussions will lead to any agreement, Liberty Steel said.

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.