TELETRADER News
8/16, 10:18 AM (Source: TeleTrader)
more TeleTrader news

Turkish fund in exclusive talks to buy British Steel

Ataer Holding, a subsidiary of Turkey's state military retirement scheme Oyak, said on Friday it is in "exclusive" talks to acquire British Steel, which went insolvent in May this year.

"During the exclusivity period, close negotiations to be held with customers, suppliers, employees and trade unions is significant for the future success of British Steel," a statement from Ataer said. The company holds a 49.3% stake in the largest steel manufacturer in Turkey, Erdemir.

British Steel went insolvent after it failed to get a financial injection of £30 million from the government. British media has been reporting that Ataer has emerged as the most likely buyer of the manufacturer valued at between £60 million and £70 million.

Breaking the News / NI