Diabytes
Greybull Capital News
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London:Tata Steel is believed to be close to striking a deal with the UK government to keep its British steelworks rather than sell it off, which would secure the future of 11,000 workers, UK media reports said on Friday.
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Tata Steel's move to sell its long products business will reduce the cash losses of one of the world's largest steelmakers, but would not lower its debt, Standard & Poor's Ratings Services said on Thursday
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Shares of Tata Steel fell by almost 4 percent, a day after the company kickstarted the sale of its cash-guzzling UK arm with divestment of Long Products Europe business to investment firm Greybull Capital for a nominal amount of 1 pound.
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The embattled steelmaker appointed KPMG LLC as process advisor for the "thorough, but expedited sale" of its entire shareholding in its subsidiary Tata Steel UK, which includes Britain's largest steel plant at Port Talbot.
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Tata Steel is in talks with investment firm Greybull Capital to sell its struggling Long Products Europe business in the UK, the Indian steel giant said Tuesday.
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