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British Steel Deal Facing French Hurdle

Steel News - Published on Tue, 25 Feb 2020

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The Daily Mail reported that the British Steel sale faces fresh delays as sources insist a deal with Chinese buyer Jingye will not be sealed this week. A source close to the deal told the Mail this is partly because the French government has not approved the deal, which also involves a profitable plant in France. The source said “Thursday was touted as the deadline but there was never any drop dead date, especially during the wait for a decision from the French. It's likely to be sometime in March.”

French finance minister Bruno Le Maire is opposed to selling strategically important assets to Chinese firms. He can block Jingye's deal safeguarding many jobs and reopening a blast furnace to keep British Steel afloat.

British Steel collapsed last May and has been propped up by taxpayers at a rate estimated at GBP 1 million a day since then

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Posted By : Rabi Wangkhem on Tue, 25 Feb 2020
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