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.
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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.
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By GlobalDataThe retailer said it would make future statements as and when it deemed them necessary.
