Steel tycoon Gupta seals financing pact to acquire Europe’s largest aluminium smelter
UK-based Liberty Steel, which is part of business tycoon Sanjeev Gupta’s global GFG Alliance, on Friday announced that it has entered into a committed financing agreement with a syndicate of major international banks for buying Aluminium Dunkerque, the Europe’s largest aluminium smelter, from Rio Tinto. Without divulging the names of the banks, the company said the term loan secured on standard financial terms provides five-year committed funds. The pact now clears the way for the deal, on the 560-worker site in France, to be formally completed before the end of November following the completion of closing mechanics. “I am very…
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