Turkey’s Yildiz says stake sale a busi­ness

Kuwait Times - - 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.

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