Liberty Steel’s funding plan for Thyssenkrupp lacks clarity -IG Metall By Reuters

DUESSELDORF (Reuters) – A bid by Britain’s Liberty Steel for the steel division of Germany’s Thyssenkrupp (DE:TKAG) still lacks clarity on financing, a leader for the powerful IG Metall union said.

“Liberty has an idea. But it is unclear how it will be funded. It hasn’t been proven yet that it’s a sustainable concept,” IG Metall’s North Rhine-Westphalian regional leader Knut Giesler told Reuters.

Liberty Steel last month submitted what it called a firmed up bid for the division, with sources saying the group had secured significant financial leeway to fund the transaction.