Amid management buyout rumours, all bids to be considered for Tata Steel UK

Tata Steel's European arm on Wednesday said all expressions of interest will be considered for strategic alternatives of Tata Steel UK operations, following speculation of potential management buyout bid.

"It is our policy that we are not naming, confirming or commenting on any potentially interested investor or bidder at this point. All expressions of interest, including any management buy out proposals, will be considered when received," said a Tata Steel Europe statement.

The company issued the statement reacting to media coverage speculating potential management buyout bid.

"In the interests of all stakeholders every credible expression of interest will enter the same rigorous assessment process to ensure the best value and prospects of sustainability," the statement said.

Tata Steel Europe reiterated that it was in talks with as many as 190 suitors for the sale of its UK units.

"More detailed information sharing will commence this week as the process moves into the confidential phase," the statement added.

The announcement of the UK asset sale came after Tata Steel suffered $3 billion in losses in UK operations, some 10 years after it had forayed into Europe by acquiring Anglo-Dutch Corus for over $8.1 billion.

--IANS

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