Turkish army pension fund 'OYAK' signs provisional deal to buy British Steel: statement

OYAK General Manager Suleyman / Reutres Photo

A Turkish military pension fund OYAK said on 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," the fund said in a statement, adding that it hoped the takeover would happen by the end of 2019.

According to Reuters, 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.

“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.

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