UK-based Liberty Steel Group on Friday said it has made a non-binding indicative offer to Thyssenkrupp to acquire the German steel major's assets in Europe. Liberty Steel Group is part of diversified GFG Alliance, owned by Indian-origin metals tycoon Sanjeev Gupta, which also has a presence in India. In a statement, Liberty Steel Group said "it has made a non-binding indicative offer (NBIO)" as part of a Thyssenkrupp-led process to acquire its steel activities.
A possible combination of Liberty Steel and Thyssenkrupp Steel would create a strong group well positioned to tackle the challenges faced by the European steel industry, it added.
Given the opportunity to proceed in the transaction process, Liberty said it is open to intensifying the dialogue with Thyssenkrupp and would like to engage in further due diligence to present a potential binding offer.
The company further said that if the discussion "materializes in any relevant agreement" between the two companies, it will publish further information on the matter in due course.
In February, the GFG Alliance announced its foray into the Indian steel industry with the acquisition of Adhunik Metaliks Ltd and its arm Zion Steel for about Rs 425 crore.