The pension fund of the Turkish army Oyak wants to buy the insolvent British steel manufacturer British Steel. The fund has signed an agreement on exclusive negotiations with the British company, Oyak said today. He hopes that his Ataer Holding can complete the purchase by the end of this year.T
he plan to acquire British Steel is part of Oyak’s „regional growth strategy“ in the steel industry, the pension fund said.
Engaged in the steel business
The Turkish Army Pension Fund was founded in 1961, one year after the country’s first military coup. He has about 363,000 members. His fortune amounted to 19.3 billion dollars in 2018 (17.3 billion euros). Oyak is already the largest shareholder of the Turkish steel group Erdemir through Ataer Holding.
The British judiciary ordered the forced dissolution of British Steel in May, after negotiations had previously failed to rescue the company. The steelmaker is responsible for its immense financial difficulties, especially the Brexit chaos. Around 5,000 jobs are at stake at British Steel, plus 20,000 additional jobs linked to British Steel through the supply chain.
