Tata Steel has engaged the services of KPMG LLP as the advisors to the process of sale of its European business while Slaughter and May will be the legal advisors to the proposed transaction.
Following the recent advice from the Tata Steel board to evaluate all options for the portfolio review of Tata Steel UK, the board of Tata Steel Europe, at its meeting held on March 31, 2016, reviewed several options and, keeping in view the interest of all stakeholders, decided to commence the process of divestment of its entire shareholding in its subsidiary, Tata Steel UK.
It is the intention of Tata Steel Europe to run a thorough, but expedited sale process by reaching out to a wide universe of potential investors globally. The formal process has commenced with the despatch of the Summary Information Memorandum to potential investors, the company said in a statement.
KPMG and Slaughter and May also advised Tata Steel UK on the successful divestment process of Longs Steel UK, the subsidiary of Tata Steel UK.
Tata Steel and its advisors are committed to working together and conduct the process in a transparent and time-bound manner.