U.K. to consider other buyers for British Steel
2019-10-25 15:06:39 [Print]
Exclusive talks between the U.K.'s Insolvency Service and Turkey's Ataer Holdings about a sale for British Steel have ended without a deal.
The official receiver for the company, who is managing the sale, will hold discussions with other parties and the potential buyers are expected to visit British Steel sites in the coming days, the insolvency service said on Wednesday. Talks with Ataer, which co-owns steelmakers in Turkey, are continuing as well.
The discussions with Ataer, which is owned by Oyak Group, a Turkish group managing military pensions, hit a snag during the due diligence process. Ataer has determined that some of British Steel's supply deals were uncompetitive and wants them to be revised, according to a person familiar with the matter.
British Steel, the U.K.'s No. 2 steelmaker, was put into liquidation in May, just three years after being acquired by private equity firm Greybull Capital LLP for 1 pound.
The official receiver for the company, who is managing the sale, will hold discussions with other parties and the potential buyers are expected to visit British Steel sites in the coming days, the insolvency service said on Wednesday. Talks with Ataer, which co-owns steelmakers in Turkey, are continuing as well.
The discussions with Ataer, which is owned by Oyak Group, a Turkish group managing military pensions, hit a snag during the due diligence process. Ataer has determined that some of British Steel's supply deals were uncompetitive and wants them to be revised, according to a person familiar with the matter.
British Steel, the U.K.'s No. 2 steelmaker, was put into liquidation in May, just three years after being acquired by private equity firm Greybull Capital LLP for 1 pound.
