TURKEY: Migros plays down Wal-Mart takeover talk reports
Migros, which is 81% owned by BC Partners, has become the subject of takeover reports
Turkish retailer Migros Ticaret has moved to play down reports US retail giant Wal-Mart is in talks to buy the group from UK private-equity firm BC Partners.
Migros, which is 81% owned by BC Partners, has become the subject of takeover reports, with Wal-Mart yesterday reportedly in talks to buy the Turkish retailer. The US group is said to have entered discussions with the buy-out house, which acquired Migros in 2008.
Should a deal happen, it would mark Wal-Mart's entry into the Turkish market and boost its presence in faster-growing economies.
According to The Financial Times, Wal-Mart has yet to submit a formal bid but has indicated its interest in Migros by meeting managers in recent days.
However, in a filing to the Istanbul Stock Exchange yesterday (13 December), Migros said a periodic review of investments by the London-based private equity firm was leading to speculation it may sell its majority stake.
"As a private equity company, BC Partners periodically assesses options for various of its investments, including Migros. The present talks are within the framework of BC Partners' ordinary business flow," Migros said.
The retailer said it would make future statements as and when it deemed them necessary.
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