Turkish Cengiz confirms interest in acquisition of British company

Turkish conglomerate Cengiz said on Sunday that it is ready to bid for British Steel if the deal with China's Jingye fails.

Cengiz Holding CEO Omer Mafa stated that “British Steel is an important asset and we are following developments closely and are ready to place our bet on all of British Steel. With a strong balance sheet and US $ 7 billion in annual revenues, we are in an excellent position to acquire overseas assets. The UK is one of our target countries in which we want to invest and are looking at a range of opportunities such as major infrastructure projects and industrial assets. "

Jingye agreed to buy the company for £ 50 million in November, although the deal has yet to be finalized. The Chinese group last week negotiated working conditions with unions following a buyout that could result in the loss of up to 500 jobs. The Chinese firm stepped in after a previous deal with the Turkish army pension fund to buy British Steel was never completed due to insolvency.