Turkish military pension fund OYAK has reached a provisional agreement to take over British steel manufacturer, British Steel , Ataer Holding, the subsidiary of OYAK, has announced.
The same company stated that it was planning to close the deal by the end of the year, Reuters news agency reported.
The report states that Ataer Holdings will have exclusive right to carry out due diligence on British Steel and expects to finish this in October.
British Steel employs 5,000 workers and owns steel mills in Scunthorpe and Teesside, BBC writes.
The British company has been in compulsory liquidation since May due to failed negotiations with government in London regarding continuing its operations.
Another 20,000 jobs were jeopardized in the supply chain after negotiations between the Government and the owner of British Steel, Greybull Capital Investments Fund, fell through.
Since British Steel has been unsuccessful in securing emergency funding from the state, the company has fallen under the administration of the state executor.