The Chinese firm set to take over British Steel has said it is 'confident' a rescue deal will be approved in the new year.Jingye said in a statement it was working towards an approved transaction after signing the deal on November 10 and rubbished any suggestion otherwise.It comes despite Whitehall sources claiming this weekend talks were close to breaking down. Sources told the Sunday Telegraph other potential buyers were being eyed up after the deal started to crack.But the government have today denied it.A spokesman said: 'On Nov 11 the Official Receiver has ceased marketing the business and is not talking to any other parties.'The deal would see the firm purchase the steelworks at Scunthorpe in North Lincolnshire - as well its other UK mills - for a reported £50million.After British Steel tanked it was controlled by the UK Insolvency Service since May and had its assets sold.The Official Receiver said: 'Completion of the contract is conditional on a number of matters, including gaining the necessary
regulatory approvals.'The parties are working together to conclude a sale as soon as reasonably practicable.'The business will continue to trade as normal during the period between exchange and completion.'The cost of the deal for British Steel has not been confirmed.Jingye said the move will help to secure a 'long-term future' for British Steel's operations and confirmed plans to invest £1.2billion into the business over the next 10 years.It said funding will be used to upgrade plants and machinery, as well as improve its environmental performance and efficiency.The prospective buyer said it is 'committed to preserving UK jobs' and investing the British Steel's workforce.
Source:https://www.dailymail.co.uk/news