ata Steel working with StanChart for UK unit sale

Tata Steel Ltd (TISC.NS) has hired a team of Standard Chartered Plc (STAN.L) bankers to help sell its loss-making UK business amid Britain’s attempt to prevent the closure of one of it’s biggest manufacturing operations, a source familiar with the matter said. The steel business was put up for sale on March 30, but has failed to attract the attention of most major British investment banks. Bankers at only two of 10 major investment banks contacted by Reuters earlier this week said they were sounding out potential buyers. Five said…

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Tata Steel jobs: David Cameron says there are ‘no guarantees’ on steel crisis

David Cameron says the government is “doing everything it can” to save thousands of steel jobs – but warned there were “no guarantees of success”. Speaking after chairing crisis talks on Tata Steel’s decision to sell its UK business, the PM said nationalisation was not the answer but the government was “not ruling anything out”. Ministers are under pressure to secure the future of the threatened plants. Labour criticised their handling of the crisis, telling them to “get a grip”. Tata Steel’s UK business – which directly employs 15,000 workers…

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Thousands of jobs at risk as India’s Tata Steel seeks British exit

India’s Tata Steel is seeking to sell Britain’s biggest steelmaking business, putting thousands of jobs at risk in an industry that once dominated Britain but has been brought low by falling prices, high costs and Chinese competition. After a marathon board meeting in Mumbai, Tata said it would draw a line under its almost decade-long foray into Britain’s steel industry, exiting the country entirely. The move could have an impact on Britain’s closely fought vote in three months over whether to stay in the European Union. Britain’s traditionally anti-EU media…

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