LONDON — UK trade unions have reached a deal with China’s Jingye Group about its provisional deal to buy British Steel, acknowledging that up to 500 jobs will go in exchange for protecting pay and employment terms.
“The sale to Jingye is now firmly in sight and we would encourage all stakeholders in the business to focus on reaching a positive conclusion,” three trade unions said in a joint statement released on Friday.
Jingye is making progress with securing approvals for the deal and aims to complete the takeover in the first quarter of this year, the Chinese group said in a statement.
Jingye Group announced a provisional deal to buy British Steel last November. At the time, sources close to the talks said it would pay