2/22/2008

Turkey's Sabanci sells shares in Beksa to Belgian Bekaert

The New Anatolian - Turkey's Sabanci Holding said it agreed with Belgian firm NV Bekaert SA to sell its shares in Beksa Celik, a joint venture of Sabanci and Bekaert. Bekaert will take the full ownership of Beksa after the acquisition. Sabanci and Bekaert were equal partners in Beksa, which manufactures steel cord products and metal fibers for automotive and construction industry. The two companies signed a letter of intent for the sale on Monday, Sabanci said in a statement sent to Istanbul Stock Exchange (IMKB) on Tuesday, noting that it would sell 50 percent of Beksa shares for some 40.3 million Euros. Transfer of shares will be executed following approval of related authorities, it added.

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