China's Jingye Group Frontrunner to buy British company

Chinese industrial giant Jingye Group took the lead in buying British Steel after negotiations between government officials and Turkish Ataer Holdings stalled. The message sent to British Steel employees indicates that the Official Recipient is expecting a handshake when selling Jingye soon. The email listed November 10 as the target date for the exchange of contracts for the deal, but that deadline has already shifted. Sam Woodward, EY's dedicated account manager who assists the official recipient, wrote: “As you know, Jingye has been doing an expedited due diligence over the past two weeks and I am pleased to report that it is progressing well. As many of you may know

The official recipient who originally set the deadline is willing to postpone the process to next week if there are signs that a deal is imminent. Throughout the weekend, negotiations continued with Jinji winning the race more and more. In a staff memo, a dedicated manager promised an update on Monday, but warned that signing contracts would not mean the sale is complete.

Jingye was founded 30 years ago by Li Ganpo, a former Communist Party official who started the group from scratch in a corner of Hebei Province, which is famous for his role in the founding of the People's Republic of China.