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Greybull Capital signs deal to buy Tata's Scunthorpe business
[LONDON] British investment firm Greybull Capital said on Monday it would buy Tata Steel's Long Products Europe division, based in Scunthorpe, northern England, in a deal which includes a 400 million pound (S$767 million) investment and financing package.
The British government has been under pressure to help a sale process go through after Tata, one of the world's biggest steelmakers, said on March 30 it would sell its British business, putting 15,000 jobs at risk.
It will now hope that Tata can also find a buyer for its other British assets, including the biggest plant at Port Talbot in Wales.