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22-mth, $469 Tata Steel sale to Thai steel major pulls in 6 global law giants


Shearman & Sterling, DLA Piper, Freshfields Bruckhaus Deringer, Salans, Linklaters and Clifford Chance have advised on Tata Steel’s sale of Teesside Cast Products’s (TCP’s) assets to Thailand’s largest steel producer Sahaviriya Steel for $469m.

Shearman & Sterling, DLA Piper and Freshfields Bruckhaus Deringer acted for the UK subsidiary of Tata Steel while Salans, Linklaters, Clifford Chance represented the buyer company Sahaviriya Steel Industries Public Company Limited (SSI).

Shearman & Sterling lawyers included London M&A partner Laurence Levy, project finance partner Kenneth MacRitchie, tax partner Iain Scoon and competition partner Matthew Readings with their respective team members.

DLA Piper Sheffield-based partners Neil Slater and Teresa Hitchcock led on property and enviromental issues for Tata.

Freshfields London-based employment partner David Pollard advised Tata on pension laws issues.

Salans partner Zarko Iankov was advising the buyer SSI, with Linklaters managing associate Waranon Vanichprapa in Thailand assisting on SSI’s financing.

Clifford Chance London lawyer Patrick Huggard led for SSI’s lenders.

The transaction will result in the formation of a joint venture between Tata Steel and SSI to operate Teesside Cast’s bulk terminal Redcar Wharf.

“The agreement is the culmination of some 22 months of work since Tata Steel began an exhaustive search for alternative futures for TCP. Completion of the transaction is expected to take place by the end of March,” Shearman & Sterling wrote in a statement.

The assets being transferred as a part of the agreement include the Redcar and South Bank coke ovens, power generation facilities and sinter plant of Teesside Cast, the Redcar Blast Furnace and the Lackenby steelmaking and casting facilities.

No Indian legal counsels were involved on the deal.

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