UK-based Liberty Steel Group, part of the GFG Alliance, has announced that it has submitted a firmed-up bid for German-based thyssenkrupp’s steel unit based on the results of due dilligence including multiple site visits. This is an important step for Liberty Steel demonstrating its binding commitment to the combination of the two businesses, the announcement said.
Liberty Steel stated that the due diligence and negotiations of the companies confirmed that a potential combination of thyssenkrupp’s steel unit 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,” a Liberty Steel spokesman stated.
In October last year, Liberty steel made an offer to acquire thyssenkrupp’s steel unit and in December last year it gained access to the books of the unit to carry out due dilligence, as SteelOrbis previously reported.