Turkey’s Cengiz Holding broke its five-day silence about some news in the UK media last week that the UK government had also started talks with the Turkish conglomerate about a Cengiz takeover of British Steel as a backup to current plans. Cengiz confirmed this with a statement Sunday to UK media saying the company is ready to bid for British Steel.
“British Steel is an important asset and we are watching developments closely and are ready to make a bid for the whole of British Steel,” Cengiz Holding CEO Omer Mafa said in a statement. “The UK is one of our target countries that we want to invest in and are looking at a range of opportunities such as major infrastructure projects and industrial assets.”
Cengiz did not respond Platts request for comment Monday.
Turkey’s conglomerate Cengiz Holding has huge investments in construction, energy, mining, and tourism sectors in Turkey and its CEO Mehmet Cengiz has close relations with the current Turkish government.
After the exclusive talks between the Official Receiver of British Steel and preferred bidder, Turkey’s OYAK, over the sale of the UK-based steelmaker failed in October last year, Chinese steelmaker Jingye Group started the takeover negotiations with the UK government.
British Steel’s proposed sale to Jingye “is now firmly in sight” following the striking of a deal with unions on jobs and investment at the UK-based steelmaker which entered compulsory liquidation in May 2019, UK labor union GMB said Friday, as Platts has reported.
Jingye said the sale is expected to be completed in the current quarter.
— Cenk Can
