Clyde & Co is advising global metals group Liberty House in its bid to acquire Tata Steel’s UK assets.
Liberty House Group confirmed it had formally submitted its bid yesterday (3 May) for Tata Steel’s UK assets, including its biggest UK plant, Port Talbot works.Liberty House has already successfully acquired Tata’s Scottish plate-making facilities at Dalzell and Clydebridge in Lanarkshire.
Liberty House welcomed the government’s new rescue deal when it was announced late last month by business secretary Sajid Javid in a continued effort to save up to 40,000 jobs. The package includes hundreds of millions of pounds in financial support and the possibility of taking up an equity stake of up to 25%. Corporate finance partner Simon Vere Nicoll and dispute resolution partner Michael Swangard are leading Clyde’s team on the deal.
Long-time adviser to Tata Steel Slaughter and May continues to work with Tata on the sale of its assets. Corporate partner Gary Eaborn is leading a team that includes finance partners Ian Johnson and Andrew McClean, corporate partner Padraig Cronin, real estate partner John Nevin, tax partner Gareth Miles and IP partner Cathy Connolly.
A bid for the steel producer’s long products division has not been placed by Liberty House, which is being sold separately.
In April Forsters advised UK investment house Greybull Capital on its bid for Tata Steel’s long products business. The deal covers seven sites making steel used in construction, including Tata Steel’s steelworks in Scunthorpe and two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities, as well as a mill in northern France.