05 Nov 2019

Official Receiver continues sales talks with interested parties as exclusivity period ends

The period of exclusivity with Ataer Holding A.S. to complete the sale of British Steel and its subsidiaries ended on 24 October.

Since then discussions with Ataer are continuing. In addition the ending of the exclusivity period has provided the opportunity to enter into discussions with other interested parties about the sale of the business, with the ability to conclude a transaction in a short time period.

The Official Receiver confirmed discussions are taking place with a Chinese bidder interested in purchasing the whole of British Steel, with plans to expand British Steel’s operations as a key strategic acquisition to develop their operations outside of China.

Visits to the Scunthorpe site for this bidder began on Monday 28 October with detailed due diligence meetings and tours of the Ironmaking and Steelmaking operations – these are continuing across British Steel and its subsidiary locations.
The due diligence process has been designed to be intensive to facilitate completion within the shortest timeframe.