British Steel has announced that the Official Receiver is in talks with a Chinese bidder interested in purchasing the whole of British Steel. According to media, Jingye Group is the Chinese company which is looking to reach an agreement in principle.
The Chinese company has development plans to expand British Steel’s operations as a key strategic acquisition to develop its operations outside of China.
The Chinese company began series of visits, with the first one at the Scunthorpe site, with detailed due diligence meetings and tours of the Ironmaking and Steelmaking operations.
The due diligence process has been designed to be intensive to facilitate completion within the shortest timeframe.
Official Receiver continues sales talks with interested parties as exclusivity period ends. The period of exclusivity with Turkish Ataer Holding A.S. to complete the sale of British company and its subsidiaries ended on 24 October.
In order seek to protect the future of British Steel, the company was placed into compulsory liquidation on 22 May 2019.
In August, TSP Projects, a British Steel unit, has been sold to the French engineering group Systra.