The Turkish military pension fund Oyak is in exclusive talks to take over the bankrupt steel maker British Steel. The fund, which has more than 19 billion dollars in assets, does this through its subsidiary Ataer. Ataer now has two months to make agreements with customers, suppliers, employees and trade unions.
The British Insolvency Service, which oversees the liquidation of the company, confirmed the exclusive talks with Ataer. According to the service, the Turks have made an “acceptable” offer.
British Steel applied for deferred payment in May. That was three years after investor Greybull Capital had taken over the company from Indian Tata Steel for 1 pound. Approximately 5000 people work at British Steel. The British steel company also owns the Dutch FN Steel in Alblasserdam.
Oyak is the largest shareholder of steel company Erdemir in its own country.