Left Menu
Development News Edition

UPDATE 1-Turkish military fund reaches deal to buy British Steel

Reuters | Ankara | Updated: 16-08-2019 14:44 IST | Created: 16-08-2019 14:06 IST
UPDATE 1-Turkish military fund reaches deal to buy British Steel
Image Credit: Wikimedia Commons

Turkey's military pension fund OYAK has reached a provisional agreement to take over British Steel, it said on Friday, adding it planned to close the deal by year-end.

Britain's second-largest steelmaker employs 5,000 workers and produces high-margin steel products used in construction and railways. It supports a further 20,000 jobs in its supply chain. The company was put into compulsory liquidation on May 22 after Greybull Capital, which bought the firm for one pound from Tata Steel three years ago, failed to secure funding to continue its operations.

Ataer Holding, an affiliate of OYAK, will have the exclusive rights to carry out due diligence on British Steel and expects to complete this in October, OYAK said in a statement. "We will continue to make our investments for the high benefit of our members and to take domestic and international steps with our growth-focused vision," said OYAK General Manager Suleyman Erdem.

"It is expected that the due diligence process will be completed in October and if it is finalised successfully the transfer of the company will be completed by the end of this year," OYAK said.


TRENDING

OPINION / BLOG / INTERVIEW

5G will be the key driving force for COVID-19 recovery: Here's how?

... ...

Canada’s COVID-19 pitfalls highlight need for integrated health information system

In the globalized world of today where outbreaks can spread far and wide within a matter of days, a global-level integrated health information system is ideal but Canadas provincial barriers show that the country lags much behind in deployi...

Pandemic must be impetus, not obstacle, for clean water access

To make matters worse, there are suspicions that the inadequacy of wastewater treatment methods in California, the rest of the USA, and indeed around the world may help to propagate the disease even more widely. ...

3D printing and the future of manufacturing post COVID-19

The on-demand, customizable, and localized manufacturing of product components facilitated by 3D printing has the potential to redefine manufacturing but there are certain technical, mechanical, and legal limitations that, unless ...

Videos

Latest News

SC stays contempt plea in HC against govt for not publishing draft EIA in 22 Indian languages

The Supreme Court Thursday stayed contempt proceedings against the Centre for alleged willful disobedience of a judicial order to ensure that the draft Environment Impact Assessment EIA notification of 2020 is published in all the 22 langua...

Workers from state factories join mass protests against Belarus president

Workers from state-run industrial plants joined tens of thousands of people on a fifth day of protests against Belarusian President Alexander Lukashenko, despite a violent crackdown that has prompted the West to consider new sanctions. Prot...

Punjab CM emphasises need for 100 pc rapid antigen tests in containment zones

Amid rising coronavirus cases, Punjab Chief Minister Amarinder Singh on Thursday emphasised the need for 100 per cent testing in micro-containment and containment zones using rapid antigen tests to check further spread of COVID-19. Rapid an...

President Kovind to address nation on eve of Independence Day

President Ram Nath Kovind will address the nation on Friday on the eve of 74th Independence Day, the Rashtrapati Bhavan said in a statement Thursday. The address will be broadcast from 0700 pm onwards on the entire national network of All...

Give Feedback