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Turkish military fund inks provisional deal to acquire British Steel

By Jaimin Solanki

TURKEY'S military pension fund OYAK has reached a provisional agreement to take over British Steel, it said on Friday (16), adding it planned to close the deal by year-end.


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.

Ataer Holding, an affiliate of OYAK, will have the exclusive rights to carry out due diligence on British Steel and expects to complete this in October, OYAK said in a statement.

"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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Highlights

  • Consumer confidence rose two points to -17 in October.
  • More people planning big purchases, up nine points from last year.
  • UK shoppers have €30,486 spending power per person, sixth highest in Europe.

Shoppers turn hopeful

Britons are feeling more positive about spending money as Black Friday approaches, new figures show, though many are nervous about what the upcoming budget might bring.

Consumer confidence climbed slightly in October, according to the GfK Consumer Confidence Barometer. The biggest change was in people’s willingness to buy expensive items like TVs, furniture and kitchen appliances.

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