Deals
Tata Steel Said to Suspend U.K. Sale Process on Brexit Concern
- At least four bidders pull out after landmark U.K. referendum
- Tata Steel to hold board meeting Friday to discuss next steps
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Tata Steel Ltd. has temporarily halted the sale of its U.K. assets, after many of the shortlisted bidders pulled out due to uncertainty in the wake of the Brexit vote, people with knowledge of the matter said.
Potential buyers told Tata Steel that the U.K.’s surprise vote to leave the European Union last month raised uncertainty about the viability of its operations there, the people said. At least four shortlisted bidders pulled out of the process, according to one of the people, who asked not to be identified because the information isn’t public.