Left Menu
Development News Edition

Turkish army pension fund to buy British Steel: statement

PTI | Ankara | Updated: 16-08-2019 15:05 IST | Created: 16-08-2019 15:05 IST
Turkish army pension fund to buy British Steel: statement

Ankara, Aug 16 (AFP) The Turkish military pension fund OYAK said Friday it had signed a provisional deal to buy British Steel after the UK steelmaker was forced into compulsory liquidation in May. "As part of its regional growth ambitions in steel industry, OYAK, the biggest complimentary pension fund in Turkey, signed an exclusivity agreement to buy the industry symbol British Steel that has operations in UK, France and the Netherlands," OYAK said in a statement.

The Ankara-based fund added that it hoped the takeover by Ataer Holding -- wholly owned by OYAK -- would happen by the end of 2019. After British Steel entered insolvency, UK authorities put the company up for sale and nearly 80 bidders including steel producers sought to buy it, OYAK said.

The exclusivity deal gives OYAK time to hold talks with customers, suppliers, employees and trade unions, and carry out a detailed inspection, due to be completed by September. The head of OYAK's mining and metallurgy division, Toker Ozcan, said his priority would be "to increase the production capacity and to invest in clean steel production in British Steel".

British Steel, Britain's second-biggest steelmaker, employs around 5,000 people while an estimated 20,000 more have links to the firm's supply chain. There had been fears of major job losses after the group, which had been owned by Greybull Capital, failed to secure a full financial rescue.

Greybull blamed Brexit strains for its financial collapse. Ataer Holding already has interests in the steel industry, as the largest stakeholder in Turkey's Erdemir.

OYAK was set up in 1961, a year after the first military coup in modern Turkey, and has 362,968 members. The fund's total assets were worth $19.3 billion in 2018. (AFP) AMS


TRENDING

OPINION / BLOG / INTERVIEW

Why COVID-19 is unstoppable in USA despite it being ranked at the top of GHS Index?

Several worst-hit countries such as Italy, France, Spain, the UK, Canada, and Russia have peaked COVID-19 cases in April. Almost all of them have gradually flattened the curve. However, the USA is setting new daily records of infections tha...

COVID-19 seems cooking biggest ever global scam

The increasing number of corruption cases on COVID-19 funds from throughout the world and involvement of high profile persons indicate that the countries cant ignore corruption in their pandemic response programs. This has generated the nee...

Health Management Information Systems lack holistic, integrated, and pandemic resilient character

Being a part of the United Nations system, the World Health Organization WHO deserves its share of rebuke for its alleged failure issue COVID-19 health emergency alerts on appropriate time. However, the pandemic has also exposed loopholes i...

Pride in the time of coronavirus: a welcome move online?

This year is different in many ways not least as celebrations are also taking place against the dramatic backdrop of a global health crisis and a resurgence in grassroots activism following the death of George Floyd in Minneapolis. ...

Videos

Latest News

Entertainment News Roundup: Depp tells court about Ex-wife; 'Glee' star Naya Rivera presumed drowned and more

Following is a summary of current entertainment news briefs.Ex-wife or friend defecated in their bed in fitting end to marriage, Depp tells courtMovie star Johnny Depp told Londons High Court on Friday that his ex-wife Amber Heard or her fr...

Singapore's ruling PAP cedes ground to opposition in pandemic poll

Singapores ruling Peoples Action Party PAP extended its unbroken rule in Fridays election, but its vote share slipped near a record low as opposition parties made historic inroads in a ballot held under the cloud of the COVID-19 pandemic.Ha...

Turkey's president formally makes Hagia Sophia a mosque

The president of Turkey on Friday formally converted Istanbuls sixth-century Hagia Sophia back into a mosque and declared it open for Muslim worship, hours after a high court annulled a 1934 decision that had made the religious landmark a m...

Tropical storm Fay makes landfall along New Jersey coast, NHC says

Tropical Storm Fay on Friday made landfall near Atlantic city, New Jersey, with heavy rainfall and gusty winds, the U.S National Hurricane Center NHC said. The storm was located about 10 miles 15 kilometers north-northeast of Atlantic City,...

Give Feedback