|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||409.10 - 430.95|
|52-week range||250.85 - 506.00|
|Beta (5Y monthly)||1.29|
|PE ratio (TTM)||35.30|
|Forward dividend & yield||10.00 (2.42%)|
|Ex-dividend date||06 Aug 2020|
|1y target est||N/A|
(Bloomberg) -- Tata Steel Ltd. has proposed that the U.K. government invest more than 900 million pounds ($1.2 billion) to take a stake in its British operations and protect the Port Talbot steelworks in Wales, Sky News reported, without saying where it got the information.Under the plan, the state would control a stake of as much as 50% in Britain’s largest steelmaker, Sky said. The proposal, which is one of the options the company is considering, would also involve the Indian company writing off a similar amount of debt it’s owed by the U.K. business. The Treasury declined to comment on the Sky report. A spokesman for Tata in Mumbai said the company doesn’t comment on speculation.Tata employs 8,000 people in the U.K., half of them in Port Talbot. The local member of parliament, Stephen Kinnock, last month said it was urgent that the government acts to save the jobs. U.K. Chancellor of the Exchequer Rishi Sunak has said he will set an “exceptionally high” bar for companies seeking taxpayer-funded bailouts during the coronavirus pandemic.The Financial Times reported in June that Tata was close to signing a rescue deal with the U.K. government. Both the government and Tata refused to discuss a loan application, while an official with knowledge of the matter suggested the government wasn’t near a deal with Tata, saying the FT story was off the mark.(Adds no comment from Tata in second paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Tata Steel has laid aside plans to sell its Building Systems unit, which makes cladding and insulation panels, two sources close to the matter said, citing uncertainty in the industry that was aggravated by the coronavirus crisis. Tata Steel late last year hired French investment bank Credit Agricole to help find a buyer for the business operating in Britain, Norway and Sweden, which banking sources value at less than $500 million. "Like any company, we continue to review our portfolio of businesses to ensure they are sustainable over the longer term," a Tata Steel spokesperson told Reuters when asked about the sales plan.
Workers at Tata Steel's <TISC.NS> main plant in the Netherlands ended a three-week strike on Friday after the company said there would be no compulsory layoffs under a planned reorganisation of its Dutch operations. "We are pleased to announce we have reached an agreement with all unions involved," Tata Steel's Dutch division said in a statement. "The transformation programme will not lead to forced redundancies at Tata Steel Netherlands."