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British Steel Bid - Turkish Fund Seen Favorite

Steel News - Published on Mon, 12 Aug 2019

Image Source: Mirror
Reuters reported that British government is set to announce a preferred bid for British Steel within days, with a Turkish fund seen as the front-runner, as it scrambles to save thousands of jobs. A government announcement is expected this week. The winning bidder will have two weeks to perform due diligence. Sources told Reuters “A Turkish consortium Ataer Holding led by military pension fund Oyak, which is also the largest shareholder in steelmaker Erdemir, is the front-runner.”

According to Sky News, Ataer Holding, which is poised to enter a formal period of exclusive negotiations to buy British Steel this week, has drawn up a business plan that would involve approximately GBP 900 million of investment over several years. The figure is in addition to a support package from the government that could amount to GBP 300 million in the form of grants, indemnities and loans on commercial terms.

UK’s second largest steelmaker was put into compulsory liquidation on May 22 after Greybull Capital, which bought the company from Tata Steel for one pound three years ago, failed to secure funding to continue operating it.

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Posted By : Ratan Singh on Mon, 12 Aug 2019
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