KSC.BE: Summary for KPS AG NA O.N. - Yahoo Finance

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  • Reuters9 months ago

    KPS Capital Partners backs out of Essar Steel Algoma bid

    ESA, which was bought nearly a decade ago by Indian energy and resources conglomerate Essar Global, had put itself up for sale while operating under creditor protection. "The term lenders have indicated that they remain committed to a going-concern outcome for Algoma and all of its stakeholders, and to closing the transaction contemplated by the asset purchase agreement as soon as possible," ESA said. A group that includes shareholders of Essar Global signed a letter of intent with a local unit of the United Steelworkers Union (USW) on Tuesday to negotiate a deal to buy ESA for about $900 million.

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