British Steel set to be bought by Turkish army’s pension fund

The official receiver for British Steel has picked Turkey’s military pension fund OYAK as a preferred buyer for the company, he has announced.

Exclusive talks have now begun between the official receiver and Ataer Holdings AS, an affiliate of OYAK.  

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 Holdings AS for the purchase of the whole business and I am now focusing on finalising the sale, the official receiver said.

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.

OYAK said it plans to close the deal by the end of the year.

British Steel is Britain’s second-largest steel maker, employing 5,000 workers and supporting a further 20,000 jobs in its supply chain.

The company was put into compulsory liquidation in May after Greybull Capital, which bought the firm for one pound from Tata Steel three years ago, failed to secure funding to continue its operations.

Additional reporting by Reuters

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