🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

Anadolu in talks with BC Partners to buy a stake in Migros - FT

Published 02/10/2014, 23:42
Updated 02/10/2014, 23:50
Anadolu in talks with BC Partners to buy a stake in Migros - FT
MGROS
-

(Reuters) - Turkish conglomerate Anadolu Group has offered to buy a 40.25 percent stake in supermarket chain Migros from BC Partners, the Financial Times reported on Thursday, citing a notification on the Borsa Istanbul stock exchange.

Anadolu offered 26 lira per share ($11.475), a premium of 36 percent to Migros's closing price on Thursday. This would put the market capitalisation of the company at 3.4 billion lira, the report said. (http://www.ft.com/fastft?post=215372)

The offer was made by Anadolu Industry, the holding company of the group, the FT reported.

London-based BC Partners, a private equity group, which owns about 80 percent of Migros, has been in informal talks to sell the chain for many years, but a slowdown in the Turkish economy and fall in value of lira against the dollar has made it difficult to do so, the newspaper reported.

The notification was issued by a holding company for BC Partners' stake in Migros which said that both the sides were in talks, the FT reported.

BC Partners had bought Migros in 2008 for $3.25 billion with the help of Turkey's Turkven and Italy's DeA Capital, beating a bid by larger rival Blackstone and Croatian food group Agrokor. (http://reut.rs/1rQyV1n)

Representatives at Anadolu, Migros and BC Partners were not immediately available for comment.

(1 US dollar = 2.2658 Turkish lira)

(Reporting by Shivam Srivastava in Bangalore; Editing by Lisa Shumaker)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.