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Jingye Steel to Acquire British Steel

Steel News - Published on Tue, 12 Nov 2019

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British Steel’s Official Receiver and Special Managers from EY, Sam Woodward, Hunter Kelly and Alan Hudson, confirmed that contracts have been entered into with Jingye Steel (UK) Ltd and Jingye Steel (UK) Holding Ltd, to acquire the business and assets of British Steel Limited in liquidation, including the steelworks at Scunthorpe and UK mills and the subsidiary businesses of FN Steel, British Steel France and TSP Engineering. It is anticipated that the shares owned by BSL in Redcar Bulk Terminal Limited will also be included in the sale. They said “Completion of the contract is conditional on a number of matters, including the requisite regulatory approvals and certain employee consultation procedures. The parties are working together to conclude a sale as soon as reasonably practicable.”

They added “The business will continue to trade as normal, during the period between exchange and completion, whilst assisting Jingye to plan for the future. Support from employees, suppliers and customers since the liquidation has been a critical factor in achieving this outcome.”

Jingye is a privately owned Chinese corporation founded and led by Li Ganpo a former senior Communist Party official who became a self-made industrial tycoon. His Jingye Group has interests in steel and manufacturing, chemicals, real estate, finance, trade, pharmaceutical, hotels and tourism. It has more than 22,000 employees and assets valued at more than GBP 3 billion.

Turkish army pension fund Oyak said that its subsidiary Ataer Holding had ended talks to buy British Steel after deciding the acquisition was not commercially viable.

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Posted By : Rabi Wangkhem on Tue, 12 Nov 2019
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