According to media reports, UK based GFG Alliance’s Liberty Steel, after a comprehensive due diligence process including multiple site visits, has submitted a firmed up bid for Germany's largest steelmaker Thyssenkrupp Steel Europe. Media reports quoted a Liberty Steel spokesman as saying that "Due diligence and our discussions with thyssenkrupp have so far confirmed that a potential combination of thyssenkrupp Steel Europe and Liberty Steel is the right answer from an economic, social, and environmental perspective. We look forward to continuing to engage with thyssenkrupp, its employee representatives and its shareholders to conclude this process. This is an important step for Liberty demonstrating our binding commitment to the combination of the two businesses.”
Liberty Steel announced on 16 October 2020 that it had made a non-binding indicative offer as part of a thyssenkrupp led process to acquire the steel activities of thyssenkrupp. LIBERTY Steel’s current proposal was a non-binding indicative offer subject to certain assumptions about the business. The non-binding indicative offer was supported by a number of financial institutions.