January 27 (SeeNews) - Turkish conglomerate Cengiz Holding is ready to submit a bid for British Steel should the planned acquisition of the insolvent steelmaker by Chinese industrial conglomerate Jingye Group fall through, according to media reports.
Cengiz Holding is closely following developments in the planned transaction and is prepared to bid for the whole British Steel, Cengiz CEO, Omer Mafa, was quoted as saying by the Financial Times on Sunday.
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The Turkish suitor would put in operation at least three of the steelmaker's four blast furnaces and would pay 50 million British pounds ($65.4 million/59.3 million euro) and further invest as much as Jingye in a potential deal, a source has told the newspaper.
Jingye signed an initial agreement to acquire British Steel and its French and Dutch subsidiaries in early November. The Asian company has proposed to cut 500 jobs in the context of its planned investment of 1.2 billion British pounds to turn around the ailing steel company, according to a statement published by the Unite union on Friday.
(1 British pound =1.18 euro)