Turkey’s military pension fund, OYAK, has reached a provisional agreement to buy steelmaker British Steel, OYAK said on Friday August 16.
OYAK is the biggest shareholder of Turkey’s largest steel producer, Erdemir Group, and this agreement is a step toward in its goal to become a regional leader in steel sector, OYAK said.
British Steel entered into compulsory liquidation in May 2019 and received several bids for sale. Ataer Holding, owned by OYAK, is now the only company that has exclusivity to make detailed financial, legal, and operational investigations in British Steel.
The investigation is planned to be finalized in October 2019 and if it is successful, acquisition will be within 2019, OYAK said.