Turkey’s Yildiz says stake sale a business
ISTANBUL: Turkish food giant Yildiz Holding said its $400 million sale of a stake in biscuit maker Ulker to its British holding company was a business decision and not motivated by domestic politics. Yildiz, known for international brands including Godiva chocolates and McVities biscuits, on Friday said it sold 21 percent of Ulker to Pladis, to bring its snack businesses under Pladis, which it eventually aims to list in London. In a statement over the weekend, Yildiz said it “strongly and clearly” rejected any claims that the stake sale was made due to mistrust in Turkey’s economy. The Turkish lira has fallen 17 percent this year, hit by investor concerns about the fall-out from a failed coup in July.