UK government officials have held talks with Turkish conglomerate Cengiz Holding to evaluate a back-up proposal if the preferential bidder’s (Jingye Group) deal falls through, according to local media coverage on Thursday.
While Jingye’s preferential bidder status enables the group to negotiate a deal exclusively with the Official Receiver and Special Managers from EY, the UK Department for Business, Energy and Industrial Strategy (BEIS) is understood not to be bound by the agreement.
Cengiz Holding, a conglomerate of 35 companies and affiliates with an annual revenue exceeding $5bn, has interests in the aviation, construction, insurance, mining, services and tourism sectors, according to the company’s website.
Over the past decade Cengiz Holding has won several government tenders for large construction, infrastructure and energy projects across Turkey, with independent Turkish media highlighting the organization’s close relationship with the government – specifically the Turkish president.