Hebei blocks HBIS bid to buy Tata’s ASEAN steel assets
Aug 07, 2019 18:30
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The agreement between Hebei Iron & Steel Group, China’s second largest steel producer based in North China’s Hebei province, and India’s Tata Steel, for HBIS to acquire a 70% stake in the latter’s steel business in Southeast Asia has been cancelled as HBIS had failed to obtain the necessary approvals for the deal from the Hebei provincial government, a HBIS official confirmed on August 7.
“We have been informed by HBIS that they have not been able to procure the requisite approvals from the Hebei government, one of the key conditions precedent for the proposed transaction,” Tata announced to the Singapore and Bombay stock exchanges Wednesday. “Both parties have, therefore, decided not to extend the