Investor group proposes alternative to KPS-led buy of Essar Algoma: Reuters
A group that includes shareholders of Essar Global said it signed a letter of intent with a local unit of the United Steelworkers Union to negotiate a deal to buy Canada's Essar Steel Algoma Inc for about US$900 million, Reuters reported. Essar Global said in a statement last month that it did not support a deal to sell Essar Steel Algoma's assets to a consortium formed by U.S. private equity firm KPS Capital Partners. Algoma, bought nearly a decade ago by Indian energy and resources conglomerate Essar Global, had put itself up for sale while operating under creditor protection.
12 July 2016•1 min read
