SYDNEY, July 5 (Reuters) - British consortium GFG Alliance on Wednesday said it has signed a binding agreement to acquire highly indebted Australian steel company Arrium Ltd ARI.AX .
"We aim to leverage the advantages of integration across the value chain, from raw materials and metal production to high-end engineered products, coupled with supply chain and value added financial solutions," Sanjeev Gupta, executive chairman of the GFG Alliance, said in an email to Reuters.
The agreement follows a competitive bidding process that saw a Seoul-based private equity syndicate led by Newlake Alliance and JB Asset Management chosen on June 15 as the preferred bidder, only to have GFG return with a revised offer.