Liberty Steel has submitted a firmed-up bid for thyssenkrupp Steel Europe based on the results of the due diligence it carried out on the German steelmaker.
Liberty initially made a non-binding indicative offer to acquire the steel unit of thyssenkrupp in October (see Kallanish passim).
“This is an important step for LIBERTY demonstrating our binding commitment to the combination of the two businesses,” a spokesperson for the UK-based steel group tells Kallanish. “Due diligence and our discussions with thyssenkrupp have so far confirmed that a potential combination of thyssenkrupp Steel Europe and LIBERTY Steel is the right answer from an economic, social, and environmental perspective. We look forward to continuing to engage with thyssenkrupp, its employee representatives and its shareholders to conclude this process.”
The spokesperson gave no further details of the bid.