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Lacking Chinese approval, Tata Steel's US$327M sale to HBIS falls through

Tata Steel Ltd. said Aug. 6 that a US$327 million sale of two units to China's HBIS Group Co. Ltd. fell through after the deal was not approved by the Hebei province government.

T S Global Holdings Pte. Ltd. agreed to sell a 100% stake in NatSteel Holdings Pte. Ltd. and a 67.9% stake in Tata Steel (Thailand) PCL to HBIS in January.

Tata Steel plans to immediately start discussions with other parties to find a partner for its Southeast Asian business.