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Tata Steel UK bid deadline passes

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By Euronews
Tata Steel UK bid deadline passes

Monday was deadline day for potential buyers for Tata Steel UK.

A decision on how to proceed with the sale of the production plants, include the Port Talbot works in south Wales, is then due at a meeting of the Tata board in Mumbai on Wednesday.

The board is likely to shortlist several bids for further scrutiny.

Earlier this month Tata said there were seven interested parties, including private equity and investment firms and companies from India, the United States and even China.

Tata put its UK steel operations up for sale in March and is understood to want to complete a deal by the end of June.

There could be some amalgamation with the management buyout group Excalibur Steel reportedly, ready to lend its support to rival bidder Liberty House.

The company’s UK losses have mounted in recent years in the face of competition and a glut of steel.

Another major stumbling block to a sale is Tata Steel UK’s pension deficit, last estimated at nearly 500 million pounds (646 million euros).