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[h2]Foreign interest in Migros Türk sale grows[/h2]
Many domestic companies are pulling out of the race for the purchase of Migros Türk. However there seems to be an increasing foreign interest involving thw sale of the [COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]supermarket [/FONT][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]chain[/FONT][/COLOR][/FONT][/COLOR][/COLOR]. Besides many foreign firms, four foreign funds will place a joint bid for the Migros Türk sale
SEVGİ SAYAR BAŞARAN
ISTANBUL – Referans
Domestic candidates are retreating from Migros Türk one by one while the interest of foreign funds in the sale process increases and the company receives nine offers, most of which are from private equities.
Carlyle and Anadolu Group, which had made separate bids for Migros Türk, decided to retract their offers for the food chain store, which was put out for sale by Koç Holding, Turkey's biggest industrial company. JP Morgan is conducting Migros Türk's sale negotiations.
Kiler, which has been consistently stating its determination to buy Migros Türk, also began to contemplate retreating on its offer. Kiler Group will make its final decision at an extraordinary meeting Saturday, said Nahit Kiler, chairman of Biskon Yapı, one of the Kiler Group companies. Ülker had joined with producers that supply goods to Migros Türk for the supermarket chain's acquisition.
But the Turkish food giant also decided to pull out of the race for Migros Türk amid some unexpected developments.
New candidates
There are also some [COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]new [/FONT][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]candidates[/FONT][/COLOR][/FONT][/COLOR][/COLOR] for Migros Türk, such as Austria-based Aldi Group which recently established a company in Turkey under the name Aldi Mağazacılık Ltd. Aldi is planning to take part in Migros Türk's sale with a British fund, according to rumors. The firm is said to be interested in the purchase of Şok stores rather than the entire Migros Türk.
Croatian Agrokor is planning to join hands with CVC, a private capital company, to apply for the purchase of Migros Türk. [COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]Sweden's[/FONT][/FONT][/COLOR][/COLOR] biggest retail group ICA is also among the names interested in the supermarket chain.
Some other candidates for Migros Türk include Russian Alfa, Bain Capital, Turkven-BC Partners and KKR. A report by news television station CNBC-e, said these four funds, which had at first applied separately to take part in the negotiations for Migros Türk, announced their decision to form a consortium and place a joint bid for the supermarket chain Friday. Meanwhile, CarrefourSa and Kiler Group are the candidates from Turkey.
Prior to the Feast of the Sacrifice, Migros Türk managers made a presentation to six or seven companies that had announced their interest in the supermarket. The companies were asked to submit their final offers by Jan. 7. Up to that date, interested parties will be able to update their price offers. The sale process will be complete by the end of [COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]January[/FONT][/FONT][/COLOR][/COLOR], sector authorities said. “However, besides these offers, Koç Group may negotiate with other companies. Any kind of surprises may come up during the sale,” they said.
Brands may be sold separately
Authorities also note that brands operating under the ownership of Migros Türk may be sold in pieces. The supermarket chain expected offers mostly from retail giants when it initiated the sale process, said an authority, adding that there are few such offers.
“Besides the offers [Migros Türk] received from the companies operating in the retail sector, it also received more offers that it had expected from various [COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]equity[/FONT][/FONT][/COLOR][/COLOR] funds. It is not certain who stands behind these funds. Therefore, Koç Group may want to revise its calculations,” said an official in the related sector. “Some new alternatives may be generated if the offers received undervalue Migros Türk. And one of these alternatives is to sell the company in pieces,” the official said.
The delay in the sale process of Migros Türk is affecting employees negatively. Most employees are requesting to leave the company by obtaining damages, said some sector officials, adding that the sale should take place as soon as possible to prevent damages in the company.
877 stores in 55 cities:
- [COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]Market [/FONT][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]value[/FONT][/COLOR][/FONT][/COLOR][/COLOR] of Migros Türk stands above $3.5 billion.
- Experts predict that Migros Türk will be sold for $3.5 billion to $4 billion.
- Migros Türk has 877 stores in 55 cities.
- Among Migros stores are 224 Tansaş stores, 207 Migros Türk stores, 417 Şok stores and eight Makro stores.
- Migros Türk has Ramstores in Azerbaijan, [COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]Bulgaria[/FONT][/FONT][/COLOR][/COLOR], Kazakhstan, Macedonia and Bishkek, Kyrgyzstan.
Foreign interest in Migros Türk sale grows - Turkish Daily News Dec 29, 2007
Many domestic companies are pulling out of the race for the purchase of Migros Türk. However there seems to be an increasing foreign interest involving thw sale of the [COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]supermarket [/FONT][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]chain[/FONT][/COLOR][/FONT][/COLOR][/COLOR]. Besides many foreign firms, four foreign funds will place a joint bid for the Migros Türk sale
SEVGİ SAYAR BAŞARAN
ISTANBUL – Referans
Domestic candidates are retreating from Migros Türk one by one while the interest of foreign funds in the sale process increases and the company receives nine offers, most of which are from private equities.
Carlyle and Anadolu Group, which had made separate bids for Migros Türk, decided to retract their offers for the food chain store, which was put out for sale by Koç Holding, Turkey's biggest industrial company. JP Morgan is conducting Migros Türk's sale negotiations.
Kiler, which has been consistently stating its determination to buy Migros Türk, also began to contemplate retreating on its offer. Kiler Group will make its final decision at an extraordinary meeting Saturday, said Nahit Kiler, chairman of Biskon Yapı, one of the Kiler Group companies. Ülker had joined with producers that supply goods to Migros Türk for the supermarket chain's acquisition.
But the Turkish food giant also decided to pull out of the race for Migros Türk amid some unexpected developments.
New candidates
There are also some [COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]new [/FONT][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]candidates[/FONT][/COLOR][/FONT][/COLOR][/COLOR] for Migros Türk, such as Austria-based Aldi Group which recently established a company in Turkey under the name Aldi Mağazacılık Ltd. Aldi is planning to take part in Migros Türk's sale with a British fund, according to rumors. The firm is said to be interested in the purchase of Şok stores rather than the entire Migros Türk.
Croatian Agrokor is planning to join hands with CVC, a private capital company, to apply for the purchase of Migros Türk. [COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]Sweden's[/FONT][/FONT][/COLOR][/COLOR] biggest retail group ICA is also among the names interested in the supermarket chain.
Some other candidates for Migros Türk include Russian Alfa, Bain Capital, Turkven-BC Partners and KKR. A report by news television station CNBC-e, said these four funds, which had at first applied separately to take part in the negotiations for Migros Türk, announced their decision to form a consortium and place a joint bid for the supermarket chain Friday. Meanwhile, CarrefourSa and Kiler Group are the candidates from Turkey.
Prior to the Feast of the Sacrifice, Migros Türk managers made a presentation to six or seven companies that had announced their interest in the supermarket. The companies were asked to submit their final offers by Jan. 7. Up to that date, interested parties will be able to update their price offers. The sale process will be complete by the end of [COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]January[/FONT][/FONT][/COLOR][/COLOR], sector authorities said. “However, besides these offers, Koç Group may negotiate with other companies. Any kind of surprises may come up during the sale,” they said.
Brands may be sold separately
Authorities also note that brands operating under the ownership of Migros Türk may be sold in pieces. The supermarket chain expected offers mostly from retail giants when it initiated the sale process, said an authority, adding that there are few such offers.
“Besides the offers [Migros Türk] received from the companies operating in the retail sector, it also received more offers that it had expected from various [COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]equity[/FONT][/FONT][/COLOR][/COLOR] funds. It is not certain who stands behind these funds. Therefore, Koç Group may want to revise its calculations,” said an official in the related sector. “Some new alternatives may be generated if the offers received undervalue Migros Türk. And one of these alternatives is to sell the company in pieces,” the official said.
The delay in the sale process of Migros Türk is affecting employees negatively. Most employees are requesting to leave the company by obtaining damages, said some sector officials, adding that the sale should take place as soon as possible to prevent damages in the company.
877 stores in 55 cities:
- [COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]Market [/FONT][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]value[/FONT][/COLOR][/FONT][/COLOR][/COLOR] of Migros Türk stands above $3.5 billion.
- Experts predict that Migros Türk will be sold for $3.5 billion to $4 billion.
- Migros Türk has 877 stores in 55 cities.
- Among Migros stores are 224 Tansaş stores, 207 Migros Türk stores, 417 Şok stores and eight Makro stores.
- Migros Türk has Ramstores in Azerbaijan, [COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif][COLOR=#003399 ! important][FONT=Verdana,Arial,Helvetica,sans-serif]Bulgaria[/FONT][/FONT][/COLOR][/COLOR], Kazakhstan, Macedonia and Bishkek, Kyrgyzstan.
Foreign interest in Migros Türk sale grows - Turkish Daily News Dec 29, 2007