Cyprus Mail
Business

Fearing reprisals, Turkey’s Yildiz moves assets to UK holding

A biscuit production line at the McVitie's factory in Stockport, northern England

By Ceyda Caglayan

Turkish food giant Yildiz Holding said it has sold a $400m stake in biscuit maker Ulker to its London-based holding company, to which it has moved its core biscuit, chocolate and confectionery businesses.

Outside of Turkey Yildiz is better known for its international brands, which include Godiva chocolates and McVities’ biscuits.

Yildiz, which it says is the largest food manufacturer in central and eastern Europe, the Middle East and Africa, eventually plans to list the shares in Pladis, the UK holding company.

The sale of 21 percent of Ulker to Pladis for 1.4 billion lira ($398m), leaving Yildiz with a 28.92 percent stake, comes a month after the shares of group companies, including Ulker, were hit by fears that Yildiz could be targeted in a government crackdown on businesses alleged to have links with Islamic cleric Fethullah Gulen.

More than 100,000 people have been suspended or sacked for suspected ties to a failed coup in July and 40,000 arrested. Authorities have taken control of hundreds of companies over alleged links to the cleric, which the government blames for the coup. Yildiz has previously said its businesses are “clean” and its conscience “clear”.

Shares in Ulker fell 3.8 percent to 16.91 lira in Istanbul on Friday, below the sale price of 19.5 lira.

Pladis has operations in 120 countries across Europe, Middle East, Africa, Asia and the Americas.

 

Related Posts

Russia jumps to become third-largest market for yuan payments amid sanctions

Reuters News Service

Oil prices head for weekly drop on global economic slowdown worries

Reuters News Service

Turkish lira flat after shock rate cut weakening

Reuters News Service

Samsung Elec breaks ground on new chip R&D centre, plans $15 bln investment by 2028

Reuters News Service

Turkey’s cenbank shocks with 100 basis point rate cut despite soaring inflation

Reuters News Service

Gnox (GNOX) attracts long term holders after ICO sells out, similar to Polygon (MATIC) and Uniswap (UNI)

CM Guest Columnist

3 comments

Comments are closed.