BlackRock Offers to Back Gupta’s UK Steel Ops Control: Sky (1)

(Updates with details of sourcing, financing)

BlackRock-manged funds are offering to back Sanjeev Gupta in his attempts to maintain control of Speciality Steel UK, Sky reports, citing people familiar with the matter.

• BlackRock executives have signed off on a financing support letter that could let Gupta keep control of the UK steel operations
  • Financing could be worth as much as £75m
• BlackRock declined to comment to Sky
• Liberty Steel declined to comment to Sky on BlackRock’s support
• NOTE: Gupta in Last Ditch Attempt to Save UK Steel Business: Sky

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