Sanjeev Gupta’s Liberty Steel Group, part of the UK-based GFG Alliance, said on Friday it has made a non-binding indicative offer (NBIO) to acquire the steel activities of Germany’s Thyssenkrupp.

Libert said it made the offer “as part of a Thyssenkrupp-led process.”

Liberty Steel said it has annual revenues of about €13 billion and 30,000 employees in more than 200 locations on four continents.

“With both transformation experience and an entrepreneurial approach, a possible combination of Liberty Steel and Thyssenkrupp Steel would create a strong group well positioned to tackle the challenges faced by the European steel industry …” said Liberty.

“Liberty Steel’s current proposal is a non-binding indicative offer subject to certain assumptions about the business.

“The NBIO is supported by a number of financial institutions.

“Given the opportunity to proceed in the transaction process, Liberty Steel is open to intensify the dialogue with Thyssenkrupp and would like to engage in further due diligence to present a potential binding offer.

“The discussions with Thyssenkrupp have been conducted on a non-exclusive basis, and there is no certainty that the discussions will lead to any agreement or transaction.

“The terms of a potential binding offer could deviate from the current non-binding offer.

“Should the discussions materialize in any relevant agreement between the companies, Liberty Steel will publish further information on the matter in due course.”