Tata Steel surges 7% as it starts talks with SSAB to sell Dutch unit

New Delhi, Nov 17 : Shares of Tata Steel surged nearly 7 per cent on Tuesday, after the company confirmed that is has started talks with Sweden-based SSAB to sell its Netherland business, including Ijmuiden steelworks.
It surged 7.6 per cent to touch an intra-day high of Rs 529.50.
Around 11.35 a.m., it was trading at 526.25, higher by 34.15 points or 6.94 per cent from its previous close.
On Friday, the company said that it has also started discussions with the supervisory board and board of management of Tata Steel Netherlands and the process will move to the next stage including due diligence and stakeholders’ consultations.
The steel major has also initiated the process to separate Tata Steel Netherlands and Tata Steel UK and will pursue separate strategic paths for the Netherlands and the UK business in the future.
“The company has initiated discussions with SSAB Sweden based on interest received for the potential acquisition of Tata Steel’s Netherland business including Ijmuiden steelworks,” it said.