Steelmaker Aperam has reportedly made the only binding offer for Finnish group Outokumpu‘s stainless steel plant in Terni, Italy, which has also received a non-binding offer from private equity firm Apollo.
Other suitors include JP Morgan’s private equity fund One Equity Partners and Chinese stainless steelmaker Tsingshan.
One Equity Partners is also considering making an offer after failing to do so after expressing initial interest, said Reuters, citing two sources familiar with the matter.
“One Equity Partners seems to be back in the game. But the fund did not carry out due diligence last spring so any interest from them would still be at an initial stage,” said an industry source.
Earlier reports said that the division had received two binding offers.
The bidding consortium led by Aperam also includes Italian steel companies Arvedi and Marcegaglia.
The Terni plant, which has the capacity to produce up to 1.7 million tonnes of steel per year, posted sales of €2.5bn for the latest fiscal year.
Earlier this month it was reported that Outokumpu had received private equity bids for its alloys division VDM from firms including Triton Partners, Apollo Global Management and KPS Capital.
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