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Tata tight-lipped on possible buyers

By Alan Jones

Published 05/04/2016

Thousands of workers are anxiously waiting for news about any rescue deal, which will need government help, with huge job losses now looming
Thousands of workers are anxiously waiting for news about any rescue deal, which will need government help, with huge job losses now looming

Tata has declined to comment on reports and rumours of potential buyers and investors into its loss-making UK steel business.

Thousands of workers are anxiously waiting for news about any rescue deal, which will need government help, with huge job losses now looming.

Liberty House has emerged as a potential buyer of parts of Tata's UK assets, although it is doubtful it will want to buy the entire business, including the giant plant at Port Talbot in south Wales.

The privately-owned company has bought two Tata plants in Scotland and its founder, Sanjeev Gupta, is expected to hold talks with Tata and the government in the coming few days.

Liberty recently bought a steel plant in Newport, south Wales, as well as parts of the Caparo group after it went into administration last year.

Investment firm Greybull is in the process of buying the Scunthorpe steelworks from Tata, although workers are to vote on changes to pay and pensions before the deal is finalised.

The plant, which makes steel for the railway industry, employs over 4,000 workers, and like Port Talbot, is crucial to the local economy.

That deal also includes a centre employing some 72 people in Lisburn.

City sources have said they believe the firm could be interested in a possible deal to buy other Tata sites.

Billionaire Wall Street investor Wilbur Ross is reportedly among investors expected to be contacted about buying some of Tata's business interests in the UK.

Belfast Telegraph

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