British Steel buyout: Turkey's military pension fund Oyak confirmed as buyer of UK firm

British Steel buyout: Turkey's military pension fund Oyak confirmed as buyer of UK firm

The Turkish investment arm, also known as Oyak, is the preferred bidder of the company which recently went into insolvency. Oyak now has weeks to c

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The Turkish investment arm, also known as Oyak, is the preferred bidder of the company which recently went into insolvency. Oyak now has weeks to complete the purchase. Sky News has reported the buyout is subject to an eight-week period of due diligence and a £300million aid package from the Government.

British Steel was put into compulsory liquidation in May and the Official Receiver was appointed.

The collapse put 5,000 UK jobs at risk.

British Steel has 3,000 workers in Scunthorpe, Lincolnshire, and another 800 across the north east of England.

Bosses from the Turkish group are now in talks with UK officials.

British Steel collapsed earlier this summer when the Government decided against giving a £30million cash injection to the company.

At the time it was run by Greybull Capital.

In a statement Ataer Holding said the company was in exclusive talks over a buyout for the next two months.

A detailed legal, financial and operation review is now being undertaken.

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“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.”

OYAK General Manager Suleyman Savas Erdem said: “We have achieved one of the biggest achievements of the Turkish steel industry and signed a preliminary agreement to buy the industrial giant of UK, British Steel.

“We will continue to evaluate opportunities globally inline with our growth-oriented vision and we will continue our investments to provide sustainable high benefit to our members.”

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