Turkish army pension fund quits British Steel purchase talks: report

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PHOTO: Reuters

Turkish military pension fund OYAK said on Monday that its subsidiary, Ataer Holding, had ended talks to buy British Steel after deciding the acquisition was not commercially viable, Reuters reported.

OYAK had reached a provisional agreement to take over British Steel, but the deal was in jeopardy as exclusive negotiations with OYAK approached a deadline in October without an agreement.

British Steel is to be sold to the Chinese firm Jingye, the British government has announced, according to The Guardian.

Jingye’s move for British Steel came after talks fell through between the official receiver and Ataer Holding.

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