Turkey’s Cengiz ready to bid for British Steel if Chinese deal collapses

(Image courtesy of British Steel)

Turkish conglomerate Cengiz Holding said on Sunday it was ready to bid for British Steel if a sale to China’s Jingye Group fell through.

“British Steel is an important asset and we are watching developments closely and are ready to make a bid for the whole of British Steel,” Cengiz Holding CEO Omer Mafa said in a statement.

Jingye Group announced a provisional deal to buy British Steel in November, agreeing to pay around 50 million pounds ($66 million), sources said at the time. It said on Friday it was progressing with securing approvals for the deal.

(By Paul Sandle; Editing by John Stonestreet)

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