Agrokor and Blackstone eye Turkey’s Migros
Posted by meb at January 15th, 2008
New bids for a stake in the Migros supermarket chain, a discount retailer valued at 4.1 billion Turkish lira, have been submitted by Croatian food group Agrokor chain and private equity firm Blackstone, according to reports by Turkish dailies. Earlier, foreign news agencies also claimed that Agrokor and Blackstone were in talks regarding a joint bid for Turkey’s biggest retail chain Migros. Both companies declined to comment.
Other firms still reportedly left in the bidding process, which is expected to end this week, include U.S. buyout houses Kohlberg Kravis Roberts & Co. and Bain Capital, German retailer Aldi Group, while BC Partners expected to bid jointly with Turkish private equity group Turkven.
On Friday, Migros Turk TAS gained the most in five months in Istanbul trading after Koc Holding AS said it received five bids for the Turkish supermarket chain and that the winning offer is expected to be around $4 billion.
Last week Turkey’s Sabanci Holding and its French partner Carrefour, have decided not to bid for Turkey’s largest food retailer Migros Turk.
Koc Holding put up 51 pct of Migros Turk for sale last year. It said in June it hired JPMorgan Chase & Co. to seeking offers for 51 percent of the retailer.
source: The New Anatolian
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