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Turkish fund eyes £900m British Steel revival‎ plan

Turkish fund eyes £900m British Steel revival‎ plan

Business
By Mark Kleinman, City editor The Turkish pension fund plotting a takeover of British Steel is preparing to commit close to £1bn to help fund the company's revival.Sky News has learnt that Ataer Holding, which is poised to enter a formal period of exclusive negotiations to buy British Steel this week, has drawn up a business plan that would involve approximately £900m of investment over several years. The figure is in addition to a support package from the government - revealed by Sky News late last week - that could amount to £300m in the form of grants, indemnities and loans on commercial terms.Ataer is a unit of Oyak, which looks after the pension pots of Turkey's military personnel.Insiders said that the Official Receiver (OR) was likely to announc