Essar Global investors, others express intent to buy Essar Algoma

July 12, 2016 5:39 PM

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A group that includes shareholders of Essar Global said it signed a letter of intent with a local unit of the United Steelworkers Union to negotiate a deal to buy Essar Steel Algoma Inc [ESSRGE.UL] for about $900 million.

Essar Global said in a statement last month that it did not support a deal to sell Essar Steel Algoma's assets to a consortium formed by private equity firm KPS Capital Partners.

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