TURKEY: Ulker offloads shares in Gida, Birlesik and Rekor
Turkish confectioner Ulker Biskuvi has offloaded its share in three local subsidiaries - Istanbul Gida, Birlesik dis Ticaret and Rekor - to parent firm Yildiz Holding in a series of deals worth TRY36m (US$17m).
Istanbul Gida is the export firm for the Ulker products. Birlesik dis Ticaret is the export company for non-Ulker and branded products. While Rekor sells non-Ulker branded products to the domestic market.
The transactions are expected to close in May.
Ulker will sell 91.4% its stake in Istanbul Gida for Dis Ticaret for TRY28.6m, its 79.2% stake in Birlesik Dis Ticaret for TRY3.2m and Rekor's 43.9% for TL4m.
"Following these transactions, we will have no shares in these companies. In total we made a profit of close to TRY6m from the sale of these three companies to Yildiz Holding."
Earlier the firm announced a 13% profit jump to TRY51m for the first quarter of 2014.
Synopsis The report provides a review of the mergers and acquisitions (M&As), partnering deals, and agreements entered into by companies active in the global confectionery market during May 2014. Sum...
Synopsis The report provides a review of the mergers and acquisitions (M&As), partnering deals, and agreements entered into by companies active in the global bakery & cereals market during May 2014. ...
The 3% current value growth recorded in grocery retailers in Turkey during 2013 was a substantially better performance than the 2% current value CAGR recorded in the category over the entire review pe...
About Confectionery The Confectionery market in the US is comprised of chocolates, sugar confectionery, and gum. In 2013, the Chocolate segment was the leader in the Confectionery market in the US fol...
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