Home Business News Turkish army pension fund in rescue talks with British Steel

Turkish army pension fund in rescue talks with British Steel

by LLB Reporter
16th Aug 19 10:58 am

The Turkish military pension fund have entered into talks to buy British Steel out of insolvency. The Turkish pension fund known as Oyak has said they plan to take over British Steel.

British Steel who own Scunthorpe steel works employing 3,000 people went into compulsory liquidation in May.

Ataer is Oyak’s investment arm the “preferred buyer” the official receiver said.

The receiver said, “Following discussions with a number of potential purchasers for the British Steel group over the past few weeks I am pleased to say I have now received an acceptable offer from Ataer.

“I will be looking to conclude this process in the coming weeks, during which time British Steel continues to trade and supply its customers as normal,” the Official Receiver said.

“I would like to thank all employees, suppliers and customers for their continued support which has been essential to get to this point.”

OYAK general manager Suleyman Savas Erdem said, “We have achieved one of the biggest achievements of the Turkish steel industry and signed a preliminary agreement to buy the industrial giant of UK, British Steel.

“We will continue to evaluate opportunities globally inline with our growth-oriented vision and we will continue our investments to provide sustainable high benefit to our members.”

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