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Official receiver poised to open talks with rival British Steel bidders

Period of exclusivity in negotiations with Ataer, the Turkish army’s pension fund, is approaching its end, meaning rival bidders can enter the fray.

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Heads of an agreement for the purchase of British Steel by Ataer have were agreed in August, 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 at the time it planned to take over British Steel by the end of the year.

 

However, while the talks will continue, the government’s official receiver has indicated a willingness to enter into discussions with other interested parties.

 

The Official Receiver said: “While discussions with Ataer are continuing, discussions with other parties who have expressed continued and renewed interest in acquiring the whole British Steel business will now be possible. I have instructed the special managers to engage with these additional interested parties. Diligence team members from these parties are expected to visit the company’s sites over the coming days and weeks. Meanwhile, Ataer remain very much interested in acquiring the business and we remain in detailed discussions with them to conclude a sale.

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