LNM may lose exclusivity rights for PHS privatisation
According to recent industry reports LNM Holdings NV, one of the world's largest steel producer which was selected for exclusive negotiations for PHS purchase last month, finally started talks with PHS' unions on August 21. It is reported that unions representing PHS workers were pretty angry at Polish Treasury Ministry because they were allowed to hold talks at the last minute with LNM regarding the social package they proposed taking away bargaining opportunity, which is why final negotiations on PHS are scheduled to end on August 22 by midnight. Unlike the unions LNM regarded talks as positive.
Meanwhile according to some reports,
US Steel (USS) extended its offer deadline to end of this month. Added to that USS may repeat due diligence of PHS. As previously reported at SteelOrbis, Polish Treasury Ministry could hold exclusivity talks with USS, if the talks with LNM fail. No agreement has been reported last Friday and in case a purchase agreement is not signed by midnight last Friday, LNM will lose its exclusivity rights for the privatisation of PHS.