Thursday, August 23rd, 2007
Turkish Retailer Up for Bid
From Staff Reports
Carrefour SA, Europe’s largest retailer, and its Turkish partner, Sabanci Holding AS, may make a bid for Turkey’s largest supermarket chain, Migros Turk TAS.
The sale process won’t begin until September, Sabanci CEO Ahmet Dorduncu said to reporters in Istanbul.
Migros Turk controls a 20% share of Turkey’s $16 billion supermarket industry. It also co-owns Ramstone, a chain of superstore and supermarkets in Russia.
Bloomberg News reported that Wal-Mart Stores Inc. (NYSE: WMT) had also pondered the possibility of purchasing a stake in Migros Turk, but the Arkansas-based retailer didn’t comment on Carrefour’s move.
Whoever wins Migros Turk will receive not only a successful supermarket chain, but one that’s in a safe and growing economy in the Middle East. Turkey has been cutting deals, leading to a record $20 billion in foreign investment last year.
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