ao link
0 £0.00
This item was added to your basket
Credit Strategy homepage
LinkedIn
Twitter
Intelligence, Insight and community for responsible professionals in credit

Turkish army pension fund strikes deal to buy British Steel

Turkey’s military pension fund, Ataer, has reached a deal in principle to buy British Steel out of insolvency.

Heads of an agreement for the purchase have been agreed, triggering a period of detailed due diligence ahead of the company’s full sale.

 

The Turkish Armed Forces Assistance Fund, known as Oyak, which owns Ataer, said it plans to take over British Steel by the end of the year.

 

British Steel employs 5,000 people, with 3,000 in Scunthorpe, 800 in Teesside and the rest in France, the Netherlands and other offices around the world. It was placed in compulsory liquidation in May.

 

Another 20,000 jobs in the supply chain were put at risk by the company’s collapse.

 

In a statement on British Steel’s website, the official 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 Holdings AS for the purchase of the whole business and I am now focusing on finalising the sale.

 

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

 

Oyak released a statement on its website, which said: “In line with our goal of regional loyalty, we have reached agreements to acquire the British industry British Steel, laying the foundation for great success. Ataer Holding, which we own, acquired the right to be the only company (exclusivity) to conduct detailed financial, legal and operational review with its strategic future plan for British Steel.”

Please login to continue reading this article.

Not a member?

Become a member

FREE registration. No credit card required

Register now
  • Stay up-to-date with industry news and appointments
  • Hear about events first
  • Read 1 free Premium article per month

Become a premium member

From as little as £3.48 per week

Become Premium
  • All the perks of a standard member plus:
  • Access to the entire Credit Strategy website
  • 12 months subscription to Credit Strategy Magazine
  • 25% discount to all conferences
  • Exclusive access to Premium Member only roundtables
  • 50% off award entry fees

GET THE LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

Credit Strategy
LinkedIn page

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group