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<br />
Tata Steel has announced the completion of the sale of its European long steel business, including the giant Scunthorpe plant, to Greybull Capital LLP. <br />
 <br /> As per the deal, <keyword id="3387727" type="UNKNOWN" weightage="100" keywordseo="Scunthorpe-steelworks">Scunthorpe steelworks</keyword> in England, mills in Teesside and in northern France, employing a total of 4,800 people, have been sold, for a "nominal" fee, said the announcement. <br />
 <br /> "<keyword id="723143" type="ORGANIZATION" weightage="100" keywordseo="Tata-Steel-UK">Tata Steel UK</keyword> today announced the completion of the sale of its Long Products Europe business to Greybull Capital LLP," the statement said. <br />
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"From today the Long Products Europe business, which in the UK includes the Scunthorpe steelworks, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities, as well as a rail mill in northern France, will trade under the name of British Steel. All together the business employs 4,800 people - 4,400 in the UK and 400 in France," it added. <br />
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Tata Steel UK had announced its plans to sell all its UK operations after years of losses in March this year, also saying that it was talking to Greybull, the London-based private equity firm, since December 2015. <br />
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Bimlendra Jha, Executive Chairman of the Long Products Europe business and CEO of Tata Steel UK, said: "As a responsible seller, Tata Steel is delighted to have secured a buyer for this business and we hope that under Greybull ownership, the business will continue the momentum of the improvement programme that has been initiated in the last 12 months." <br />
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He applauded the efforts of its employees and trade unions, who worked closely with the Long Products Europe management team so that the business' prospects can be improved and it can be placed in a more competitive position than it was in for many years. <br />
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"It is through their dedication and hard work that we are in this position today in spite of continued challenges in the market," he added.<br />
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<a href="http://i4.mirror.co.uk/incoming/article7703447.ece/ALTERNATES/s615/Tata-Steel.jpg"><em>Image source</em></a><br />

Tata Steel UK sells its Europe Long Products business to Greybull

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<br /> As per reports, <keyword id="6357147" type="CITY" weightage="100" keywordseo="Tata-Steel">Tata Steel</keyword> has confirmed the sale of its Scunthorpe-based steel plant to investment firm <keyword id="3005006" type="UNKNOWN" weightage="100" keywordseo="Greybull-Capital">Greybull Capital</keyword>. The deal involves an investment package of 400 million pounds, the reports added.<br />
<br />
It was in December last year that Tata Steel had signed a memorandum of Intent with Greybull Capital so that it could enter exclusive negotiations for the potential sale of its long products Europe business. Prior to this, it had signed a memorandum of understanding with the Klesch Group, which couldn’t be sustained.<br />
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Along with the steel plant, the deal also includes mills in Teesside and northern France, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities.<br />
<br />
Talking of the investment firm Greybull Capital, it is "a family office which makes long-term investments in private companies" based in London, and is run by financiers Marc and Nathaniel Meyohas and Richard Perlhagen.<br />
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Ever since Tata Steel announced in March this year that it would have to sell its UK steel business because of poor performance, the events have unfolded rather rapidly. The reasons behind the downfall are said to be poor demand and cheap Chinese imports.<br />
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<a href="http://www.newsforindia.com/wp-content/uploads/2015/10/scunthorpe-Tata-Steel.jpg"><em>Image source</em></a><br />

Tata Steel has sold its UK plant to London-based Greybull Capital

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Fabian Bimmer</span></p><p class="caption">A steel-worker is pictured at a furnace at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony on March 21, 2012.</p></div><p></p></div></div>Tata Steel has agreed to sell its struggling <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> business to family office Greybull Capital for a "nominal sum."</p><p>The deal covers 4,800 jobs and assets including "Scunthorpe steelworks, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities, as well as a mill in northern France," <a href="http://www.tatasteeleurope.com/en/news/news/tata-steel-uk-agrees-sale-and-purchase-agreement-for-long-products-europe-business">according to the release on the deal.</a></p><p>Indian company Tata has been in talks with potential buyers of its UK business <a href="http://uk.businessinsider.com/tata-steel-puts-its-entire-uk-business-up-for-sale-2016-3">since putting its business here up for sale at the end of last month.</a></p><p>There was concern that the sale process could result in the closing down of some or all of the operations, with Tata saying that the business case for making steel in Britain has "rapidly deteriorated" due to falling prices and rising costs.</p><p>However, in today's release the company says that "the agreement is an important milestone on the road towards continuing steelmaking in Scunthorpe and steel processing in other locations in the UK and France."</p><p>Bimlendra Jha, Executive Chairman of the stand-alone Long Products Europe business (the division being sold), says in the statement:</p><p style="padding-left: 30px;">Today marks a significant milestone in the sale of the Long Products Europe business. This sale is the best possible outcome for employees who have worked relentlessly to ensure the business's survival, and helped to make it attractive to a potential buyer.</p><p>After the deal completes Tata Steel UK will be rebranded "British Steel", a name it was known by prior to its takeover by Tata. Greybull will invest £400 million in the new company, <a href="https://next.ft.com/content/b1ff7118-635e-323b-a4f6-b61be8b1fd93">according to the Financial Times</a>.</p><p>The FT reports that the group has also reached an agreement with trade unions and key suppliers to "reset the cost base of the business."</p><p><span>Paul McBean, the chairman of the Scunthorpe works multi-union committee, <a href="http://www.scunthorpetelegraph.co.uk/8203-s-unbelievable-news-8211-Greybull-Capital/story-29089086-detail/story.html">told the Scunthorpe Telegraph</a> that the deal is "unbelievable news", saying: <span>"We have saved the local steel industry, thousands of jobs, the town and the community as a whole."</span><span><br /><br /></span></span>Hans Fischer, Chief Executive of Tata Steel's European operations, says:</p><p style="padding-left: 30px;">Under these current challenging market conditions in Europe with the soaring levels of imports from China, we are happy that Tata Steel UK and Greybull Capital have entered the final stage of completion of the sale of shareholding in Longs Steel UK. This transaction will offer a future for the Long Products Europe business and its 4,400 employees in the UK.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/hamilton-makes-over-2-million-month-producer-jeffrey-seller-broadway-musical-theater-2016-4">Broadway's biggest hit 'Hamilton' is making over $2 million a month - here's why the producer thinks it could be making a lot more</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="hqaGdtMjE6TuOLd1QuJ1UzvqOkB9_J_a" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

STEEL SAVED: Tata sells plants to Greybull Capital

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Fabian Bimmer</span></p><p class="caption">A steel-worker is pictured at a furnace at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony on March 21, 2012.</p></div><p></p></div></div>Tata Steel just completed the sale of part of its struggling <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> business to family office Greybull Capital for a "nominal sum."</p><p>The deal for Tata's so-called "Long Products Business" covers 4,800 jobs and assets including "Scunthorpe steelworks, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities, as well as a mill in northern France," <a href="http://www.tatasteeleurope.com/en/news/news/tata-steel-uk-agrees-sale-and-purchase-agreement-for-long-products-europe-business">according to the initial release on the deal.</a></p><p><a href="https://next.ft.com/content/5eaa3e44-27b0-11e6-8b18-91555f2f4fde#axzz4AD5oBN6t">The Financial Times reported that the deal completed on Wednesday.</a> The paper says the deal saves 4,400 jobs in the UK.</p><p>Indian company Tata has been in talks with potential buyers of its UK business <a href="http://uk.businessinsider.com/tata-steel-puts-its-entire-uk-business-up-for-sale-2016-3">since putting its business here up for sale at the end of March.</a></p><p>While this deal brings certainty to many employees, there are still many factories and jobs in limbo. Tata is still in talks with multiple parties about buying the rest of its UK steel business, most notably the Port Talbot operation in Wales.</p><p>Business Secretary Sajid Javid is also involved in the discussions and it trying to lessen Tata Steel's pension deficit, <a href="http://uk.businessinsider.com/uk-steep-plants-being-bought-and-jobs-saved-2016-4">which is putting off buyers</a>. The company <a href="http://uk.businessinsider.com/uk-government-looking-to-ringfence-tata-steels-15-billion-pension-plan-2016-5">has a £485 million ($702 million) shortfall in its scheme</a> and workers face having their future payouts reduced as Javid <a href="http://uk.businessinsider.com/government-considers-moving-tata-steel-pension-plan-form-cpi-to-rpi-2016-5">considers moving the pensions from being pegged to the consumer price index (CPI) measure of inflation to the lower retail price index (RPI)</a>. This would require a change in the law.</p><p>The assets Greybull bought off Tata Steel UK will be rebranded "British Steel," a name it was known by prior to its takeover by Tata. Greybull will invest £400 million in the new company, <a href="https://next.ft.com/content/b1ff7118-635e-323b-a4f6-b61be8b1fd93">according to the Financial Times</a>.</p><p>Hans Fischer, Chief Executive of Tata Steel's European operations, said at the time the deal was first announced:</p><p style="padding-left: 30px;">Under these current challenging market conditions in Europe with the soaring levels of imports from China, we are happy that Tata Steel UK and Greybull Capital have entered the final stage of completion of the sale of shareholding in Longs Steel UK. This transaction will offer a future for the Long Products Europe business and its 4,400 employees in the UK.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/red-flags-goldman-sachs-interviews-2016-5">This behavior could kill your chances in a Goldman Sachs interview</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="wxbjFnMzE6KLizh2hBTQSDvLOgNQGzpH" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

4,800 jobs were just saved by a deal for part of Tata Steel

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://www.gettyimages.co.uk/detail/news-photo/shoppers-walk-among-christmas-lights-at-a-shopping-mall-two-news-photo/502243800">Sean Gallup/Getty Images</a></span></p><p class="caption">Shoppers walk among Christmas lights at a shopping mall two days before Christmas Eve on December 22, 2015 in Berlin, Germany.</p></div><p></p></div></div>Good morning! Here are the 10 things you need to know in markets on Wednesday.</p><p><strong><keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> GDP figures are coming. </strong>Final estimates for third quarter growth are due at 9.30 a.m. GMT (4.30 a.m. ET), with economists expecting quarter-on-quarter growth to remain unchanged a 0.5% and year-on-year growth to remain at 2.3%. French GDP figures are also due at 7.45 a.m. GMT (2.45 a.m. ET).</p><p><strong>US crude oil prices briefly moved into a premium over internationally traded Brent overnight, following an unexpected drop in American inventories and potential exports.</strong> Front-month US West Texas Intermediate (WTI) crude futures were trading at $36.33 (£24.47) per barrel at 2.20 a.m. GMT (9.20 p.m. ET), with Brent at $36.29 (£24.44) per barrel. <a href="http://www.businessinsider.com/r-us-crude-flips-into-premium-over-brent-as-exports-loom-inventories-dip-2015-12?IR=T">This flipped WTI from a long-standing discount into a slight premium over the international benchmark for the first time since a brief period in November 2014 and, before that, since 2010</a>.</p><p><strong>Asian markets are muted.</strong> Japan's Nikkei is down 0.16% at time of writing (6.30 a.m. GMT/1.30 a.m. ET), the Hong Kong Hang Seng is up 1.20%, and the Shanghai Composite is up 0.46%, all with thin trade. US markets closed higher overnight, <a href="http://uk.businessinsider.com/closing-bell-december-22-2015-12">enjoying a long-awaited Santa Rally</a>.</p><div class="firstPar"><p><strong>Tata Steel UK is in exclusive talks with Greybull Capital over a potential sale of its "Long Products Europe" business, offering a lifeline for several thousand jobs at UK steel plants currently earmarked for closure.</strong> <a href="http://www.telegraph.co.uk/finance/newsbysector/industry/12063842/Tata-enters-exclusive-talks-with-Greybull-to-save-Scunthorpe-steelworks.html">The Telegraph reports that</a> if the sale were to go ahead, it would include a number of UK-based assets, including Tata Steel UK's Scunthorpe steelworks, mills in Teesside and northern France, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities.</p></div><p><strong>Goldman Sachs has added three new bankers to its inner circle.</strong> On Monday, CEO Lloyd Blankfein and President Gary Cohn announced in a memo, <a href="http://uk.businessinsider.com/goldman-management-committee-adds-gregg-lemkau-marc-nachmann-jim-esposito-2015-12">seen by Business Insider</a>, that Gregg Lemkau, Marc Nachmann and Jim Esposito would be joining the firm's management committee.</p><p><strong>Deutsche Bank has flagged as much as $10 billion (£6.74 billion) in total trades that may not have been vetted for money laundering as clients moved money out of Russia.</strong> <a href="http://www.bloomberg.com/news/articles/2015-12-22/deutsche-bank-tally-of-suspect-russia-trades-said-at-10-billion">Bloomberg reports</a> that transactions under scrutiny include those in which trading in an account went consistently in one direction - primarily buy orders, for example - according to people familiar with the matter.</p><p><strong>Five of the world's biggest investment banks paid no corporation tax in Britain last year despite making billions of pounds in profits.</strong> According to an analysis of the banks' corporate filings by Reuters, JP Morgan, Bank of America Merrill Lynch, Deutsche Bank AG, Nomura Holding and Morgan Stanley all said their main UK arms paid no corporation tax, <a href="http://www.independent.co.uk/news/business/news/five-of-worlds-biggest-investment-banks-pay-no-uk-corporation-tax-a6783716.html">The Independent reports</a>.</p><p><strong>Greece's international creditors on Tuesday handed over a payment of €1 billion (£740 million, $1.09 billion) under the terms of its third bailout programme, after Athens met their demands for further tough economic reforms.</strong> The European Stability Mechanism, the 19-nation eurozone's bailout fund, <a href="http://www.businessinsider.com/afp-creditors-hand-greece-1-billion-euros-2015-12?IR=T">said the funds will help Athens repay debt, balance the budget, and finance projects</a>.</p><p><strong>Credit Suisse thinks oil prices won't get anywhere near the highs of last year until at least 2020. </strong><a href="http://uk.businessinsider.com/credit-suisse-oil-price-forecasts-2016-and-beyond-2015-12">Oil prices have collapsed from triple digits last summer to below $40 (£26.94) a barrel amid a chronic oversupply issue.</a></p><p><strong>The Pentagon and other US government agencies should complete a legislative proposal in coming weeks to let regulators block proposed mergers for national security reasons, instead of just antitrust concerns, a top official told Reuters on Tuesday.</strong> Defense Undersecretary Frank Kendall, who oversees arms weapons acquisitions and industrial base issues for the Pentagon, <a href="http://www.businessinsider.com/r-pentagon-eyes-proposal-for-ma-changes-in-weeks--2015-12?IR=T">made the comments in an interview</a>, after first mentioning the legislative push in September.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-interesting-men-world-watches-rolex-breitling-jorg-gray-2015-8">These are the watches worn by the smartest and most powerful men in the world</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N3NGJ0djpb_DdQzkXVopAvbq5AmmiuOx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

10 things you need to know in markets today

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters/Anindito Mukherjee</span></p></div><p></p></div></div>Good morning! Here's what you need to know in markets on Wednesday.</p><p><a href="http://www.businessinsider.com.au/china-manufacturing-pmi-may-2016-6"><strong>Chinese manufacturing is</strong> on <strong>a bit of a roll.</strong> </a>China's manufacturing sector expanded for the third month in a row in May, albeit at a marginal pace of growth. According to China's National Bureau of Statistics (NBS), the official manufacturing purchasing managers' index (PMI) held steady at 50.1 during the month, bucking expectations for a decline to 50.0.</p><p><a href="http://www.businessinsider.com.au/australia-q1-gdp-report-2016-6?wt=2"><strong>Australian GDP expanded for a record 20th consecutive quarter.</strong></a> Real gross domestic product (GDP) grew by 1.1% in Q1 in seasonally adjusted chain volume terms, seeing the year-on-year growth rate accelerate to 3.1%, the fastest pace seen since the September quarter 2012.</p><p><a href="http://www.businessinsider.com/r-apple-plans-to-sell-1-billion-of-30-year-bonds-in-taiwan---sources-2016-6"><strong>Apple is planning on selling bonds in Taiwan.</strong> </a>For the first time Apple is planning to issue bonds in Taiwan, home to its supply chain, with the goal of raising $1 billion in funds, sources familiar with the matter told Reuters on Wednesday.</p><p><strong><a href="http://www.businessinsider.com/r-toyota-in-talks-to-buy-robotics-divisions-from-alphabet---nikkei-2016-6">Toyota wants to buy parts of Alphabet.</a> </strong>The Japanese automaker is discussing an acquisition of Alphabet's Boston Dynamics - known for the Cheetah, which is claimed to be the world's fastest-legged robot - and Schaft, a venture that was led by two former Tokyo University professors, a report from Nikkei said.</p><p><a href="http://www.ft.com/cms/s/0/5eaa3e44-27b0-11e6-8b18-91555f2f4fde.html#axzz4AD2YGrxF"><strong>Tata Steel has completed the sale of part of its European business.</strong> </a>The Indian firm's long products business, which includes the steelworks in Scunthorpe and two mills on Teesside, as well as a mill in France, has been sold to Greybull Capital, for a nominal fee believed to be £1, according to the Financial Times.</p><p><a href="http://www.bloomberg.com/news/articles/2016-05-31/saudi-arabia-said-to-weigh-bond-sale-of-as-much-as-15-billion"><strong>Saudi Arabia is about to issue a bond.</strong> </a>The Kingdom is thinking about a sale of as much as $15 billion of bonds this year in light of the investor demand for Qatar's recent issue, report Bloomberg's Ambereen Choudhury, Dinesh Nair, and Ruth David. This would be Saudi Arabia's first bond sale in international capital markets.</p><p><strong><a href="http://www.businessinsider.com/r-oil-prices-fall-on-rising-middle-east-output-china-demand-concerns-2016-5">The price of oil is slipping.</a> </strong>Around 6:50 a.m. BST (1:50 a.m. ET) both major benchmarks have dropped, with US WTI crude off by 0.86% to $48.68 per barrel. Brent crude, the international is down 1% to $49.39. The falls come ad production from the major Middle East exporters was expected to remain high or even increase just as concerns over the state of China's economy weighed on its fuel demand outlook, Reuters reports.</p><p><strong><a href="http://www.businessinsider.com/carl-icahn-just-announced-a-new-position-2016-5">Carl Icahn has a big new position</a>.</strong> The legendary investor has announced a new position in Allergan Pharmaceuticals.</p><p><strong><a href="http://www.businessinsider.com/jose-cuervo-reportedly-planning-ipo-2016-5">Jose Cuervo, the world's largest tequila producer, is planning a $1 billion IPO</a>.</strong>Like the US, Mexico hasn't seen much IPO action this year.</p><p><strong><a href="https://www.markiteconomics.com/Survey/Page.mvc/PressReleases">It is manufacturing PMI day in Europe.</a></strong> From 8:15 a.m. BST (3:15 a.m. ET) we'll get readings on the state of manufacturing in Spain, Italy, France, Germany, Greece, the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>, and a eurozone wide number from Markit's Purchasing Managers' Index.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-interesting-men-world-watches-rolex-breitling-jorg-gray-2015-8">These are the watches worn by the smartest and most powerful men in the world</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N3NGJ0djpb_DdQzkXVopAvbq5AmmiuOx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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Tata Steel UK sells its Europe Long Products business to Greybull

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Tata Steel has sold its UK plant to London-based Greybull Capital

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4,800 jobs were just saved by a deal for part of Tata Steel

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10 things you need to know in markets today

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