Turkish military pension fund plots £900m British Steel revival

0

The Turkish pension fund plotting a takeover of British Steel is preparing to commit close to £1bn to help fund the company’s revival.

Sky News has learnt that Ataer Holding, which is poised to enter a formal period of exclusive negotiations to buy British Steel this week, has drawn up a business plan that would involve approximately £900m of investment over several years.

The figure is in addition to a support package from the government – revealed by Sky News late last week – that could amount to £300m in the form of grants, indemnities and loans on commercial terms.

Ataer is a unit of Oyak, which looks after the pension pots of Turkey’s military personnel.

Insiders said that the Official Receiver (OR) was likely to announce as soon as Tuesday that Ataer was entering a six-to-eight week period within which to formalise a deal.

The existence of an investment programme worth up to £900m will reassure British Steel’s more than 4,000 workers, its unions and government ministers that the company has a realistic chance of long-term survival.

Leave A Reply

Your email address will not be published.