July 5, 2017 / 12:55 AM / 5 months ago

Britian's GFG Alliance says signed binding agreement to buy Australia's Arrium

SYDNEY, July 5 (Reuters) - British consortium GFG Alliance on Wednesday said it has signed a binding agreement to acquire highly indebted Australian steel company Arrium Ltd.

“We aim to leverage the advantages of integration across the value chain, from raw materials and metal production to high-end engineered products, coupled with supply chain and value added financial solutions,” Sanjeev Gupta, executive chairman of the GFG Alliance, said in an email to Reuters.

The agreement follows a competitive bidding process that saw a Seoul-based private equity syndicate led by Newlake Alliance and JB Asset Management chosen on June 15 as the preferred bidder, only to have GFG return with a revised offer. (Reporting by James Regan)

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