Turkey's military pension fund in exclusive rescue talks to take over British Steel

Turkey's military pension fund in exclusive rescue talks to take over British SteelTurkey's military pension fund in exclusive rescue talks to take over British Steel

Turkey's military pension fund in exclusive rescue talks to take over British Steel Turkey's military pension fund in exclusive rescue talks to take over British Steel Turkey's military pension fund has entered into exclusive talks for the takeover of British Steel. Sky News first revealed that Ataer, a unit of Oyak which looks after the pension pots of Turkey's military personnel, had entered into exclusive talks with advisers to the government who have been running the auction of the ailing steelmaker on behalf of the Official Receiver. British Steel, whose largest manufacturing site is in Scunthorpe, collapsed into insolvency in May after the government chose not to give £30m to the company under its then-owner, Greybull Capital. In a statement Ataer Holding said it was now exclusively conducting a detailed financial, legal and operational review for a period of two months. It said: "During the exclusivity period, close negotiations to be held with customers, suppliers, employees and trade unions is significant for the future success of British Steel." Ataer said since British Seel went bankrupt on 21 May and entered a formal auction process, nearly 80 bidders from all over the world had expressed an interest. 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." Around 3,000 people are employed at Scunthorpe, with more than 1,000 employees elsewhere in British Steel and an estimated 20,000 in its supply chain.
More on: news.sky.com