Bidders believe Tata is split on UK assets sale
Bidders for Tata Steel’s UK operations have accused the company of being split over whether to move ahead with the sale.
Tata is currently reviewing bids from up to seven firms for the business, which it announced it wanted to sell in March.
“There seems to be genuine division within Tata over whether to sell or retain the business,” a source close to the sales process told City PM, adding, “There is a growing amount of frustration among bidders.”
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The comments come after Tata requested more detail from bidders on their plans for the Port Talbot steelworks and other Tata UK assets.
The delay means that a final decision on the future of the UK business will not be made until next month. Tata was previously thought to be working towards 24 June to announce a sale.
Tata denied it is having second thoughts over the sale. A spokesperson for Tata Steel said: “Tata Steel is committed to running a thorough and urgent sale process for its UK business. That remains the case today.”