Turkish industrial conglomerate Sabanci Holding has announced it will sell its 48.4% stake in Kraftsa Kraft Sabanci, its joint venture with US food giant Kraft Foods International.
Sabanci will relinquish its stake, which has a nominal value of some 29.4bn Turkish lira (US$21,800) to Kraft. The joint venture was established early this year to distribute Kraft Foods’ products in Turkey.
Kraftsa was the second joint venture between Sabanci and Kraft. In 1993 the groups created Marsa KJS to sell confectionery and coffee brands, soft drinks, margarine and edible oils.