Turkey’s military pension fund has entered into exclusive talks for the takeover of British Steel.

Sky News first revealed that Ataer, a unit of Oyak which looks after the pension pots of Turkey’s military personnel, has entered into exclusive talks with advisors to government who’ve been running the auction of the ailing steelmaker on behalf of the Official Receiver.

British Steel, whose largest manufacturing site is in Scunthorpe, collapsed into insolvency in May after the government opted not to provide a £30m to the company under its then-owner, Greybull Capital.

In a statement Ataer Holding said it was now exclusive conducting detailed financial, legal and operational review for a period of 2 months.

It said: “During the exclusivity period, close negotiations to be held with customers, suppliers, employees and trade unions is significant for the future success of British Steel.”

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