Sanjeev Gupta in fresh talks over British Steel bid
Sanjeev Gupta is in fresh talks with the government about buying British Steel as concerns mount over a potential deal backed by Turkey’s military pension fund.
Gupta’s Liberty House Group restarted discussions in recent days about a potential deal to buy the steel company ahead of the expiry date this week of an exclusivity period granted to Ataer Holding, Sky News reported.
Read more: Chinese steel maker Jingye in new bid for British Steel
The government’s Official Receiver granted Ataer, a subsidiary of Turkey’s Oyak, a ten-week exclusivity period in June, committing to not talk to other buyers.
However, the business department was not bound by the restrictions, the broadcaster reported.
Earlier this month it was reported that Chinese steel maker Jingye had approached the government with a fresh offer for the firm despite the exclusivity window granted to Ataer.
The Chinese firm had originally expressed interest in taking over the steel producer when the government launched its search for a buyer over the summer.
Read more: British Steel division sold to French engineering firm
British Steel, the UK’s second-largest steel producer, collapsed into compulsory liquidation in May.
The Scunthorpe-based company directly employs more than 4,000 workers and has up to 20,000 more in its supply chain.
Main image credit: Getty