Sanjeev Gupta’s Liberty Steel has moved a step closer to buying rival Thyssenkrupp’s steel business
Sanjeev Gupta’s Liberty Steel is hammering out a deal to buy German firm Thyssenkrupp’s steel business.
Thyssenkrupp has given Liberty access to the steel unit’s books so it can evaluate them before finalising a bid.
Thyssenkrupp is Europe’s second biggest producer and the division traces its roots back to a foundry built in 1811.
Liberty has grown into Europe’s fourth-largest steel producer thanks to deals over the last few years, usually for struggling factories, with the likes of Tata and Arcelor Mittal.
Gupta is facing increasing scrutiny over how he has funded the rapid expansion.
Thyssenkrupp has been approached by other bidders, and last month announced 5,000 job cuts after a £5billion full-year loss.
Liberty said: ‘We will shortly begin a detailed due diligence and thus gain insight into key business data of Thyssenkrupp’s steel business.’
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