Clifford Chance has advised the Official Receiver and Special Managers of British Steel on the sale of the business and assets to Jingye Steel and Iron, advised by Linklaters. Ashurst advised the Department for Business, Energy & Industrial Strategy on various aspects of the sale.
The deal, signed on 10 November 2019, prevents a costly shutdown of operations and the potential loss of 24,000 jobs at the steel works and in the supply chain.
British Steel Limited is a long steel products business founded in 2016 with assets acquired from Tata Steel Europe by Greybull Capital. The primary steel production site is Scunthorpe Steelworks, with rolling facilities at Skinningrove Steelworks, Teesside and Hayange, France.
Jingye Iron & Steel Co. Ltd. produces steels products. The Company manufactures and processes screw steels, plates, hot coils, and other steels products.
The Clifford Chance team was led by partners Philip Hertz (Picture), David Lewis, Nick Rees, and Iain White in London, with Paris partner Laurent Schoenstein and Amsterdam Partner Greg Crookes leading respectively on the sale of British Steel France Rail Holdings and the sale of FN Steel. The complex transaction required a multi-disciplinary, international team comprising partners and associates across a number of practice areas including restructuring, corporate, employment, real estate (including our environmental specialists), finance, pensions, IP, TMT and tax as well as lawyers in Amsterdam, Beijing, Hong Kong and Paris.
Linklaters partners Chris Staples (London Corporate), Crystal Chen (Hong Kong), Hugo Stolkin (London Corporate) and Matthew Harding (R&I) led the team advising on the transaction.
The Ashurst team was led by Giles Boothman and Derwin Jenkinson and included counsel Eleanor Reeves and senior associate Richard Bulmore.
Involved fees earner: Giles Boothman – Ashurst; Richard Bulmore – Ashurst; Derwin Jenkinson – Ashurst; Eleanor Reeves – Ashurst; Gregory Crookes – Clifford Chance; Philip Hertz – Clifford Chance; David Lewis – Clifford Chance; Nicholas Rees – Clifford Chance; Laurent Schoenstein – Clifford Chance; Iain White – Clifford Chance; Crystal Chen – Linklaters; Matthew Harding – Linklaters; Chris Staples – Linklaters; Hugo Stolkin – Linklaters;