French Court Rejects Chinese Bid For Former British Steel Factory

British Steel’s Chinese owner has had its bid to acquire a factory in France rejected by a court as concerns grow in some European capitals about companies from the Asian superpower snapping up assets, the Financial Times reported. Jingye Group, which saved the UK’s second-largest steelmaker from bankruptcy earlier this year, was attempting to wrest control of a small mill in north-east France that belonged to British Steel. A parallel sale process for the Hayange site, which produces metal track for railways, was opened last year amid misgivings in Paris over the future of a manufacturing facility it deems of national importance. However, a tribunal in Strasbourg in charge of the dossier this week accepted an offer from Liberty House, the privately owned industrial group led by UK businessman Sanjeev Gupta. Read more