Businessman, who says he is a ‘big, bullish believer’, would combine Scunthorpe steelworks with Italian plant
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The British investor Michael Flacks is reportedly “very” interested in buying British Steel and combining it with another plant in Italy, in a deal that would create one of Europe’s largest metals groups.
The businessman’s Miami-based investment group, Flacks Group, specialises in buying distressed companies and is working with bankers to prepare a bid for government-controlled Scunthorpe steelworks, the Financial Times reported.
“Somebody has to take control of British Steel. It’s a plant of national importance,” he told the FT. “I see an amazing opportunity where most people have overlooked this sector. I’m a big, bullish believer.”
