5/5/2008

International credit crunch to benefit Turkish companies

Referans - The current international credit crunch provides a significant opportunity for financially strong Turkish companies to expand their operations internationally. Following Godiva's sale to Ulker for $850 million last year, analysts think the purchase of Lomisi, leader in the Georgian beer market, by Turkey's largest brewer Anadolu Efes in February is a sign for the accelerating tendency to establish joint ventures between Turkish and foreign entrepreneurs. Efes Breweries International, a partner company of Anadolu Efes, has bought all the shares of Lomisi, which had an estimated market share of 42 percent in 2007. Many Turkish companies, such as Dogus, Sabanci and Pegasus, are searching for overseas acquisitions while opportunities for Turkish companies to expand globally will boom as bankruptcies abroad increase, according to experts. Turkish companies at world stage include: Ulker: One of Turkey's major integrated food groups, Ulker acquired Belgian chocolate giant Godiva for $850 million. Anadolu Cam: Anadolu Cam, the glassmaker owned by Turkey's first glass factory Sisecam Group, bought Russian glass packaging company OAO Kirishsky Stekolny Zavod, which operates at a capacity of 95,000 tons per year. Hurriyet: The mass-circulation daily paid $336.5 million to buy 67.3 percent of Trader Media East (TME), the largest classified advertising company in Central and Eastern Europe. Dogan Group: Dogan announced it is acquiring Romania-based D-Yapı Real Estate Investment and Construction S.R.L. Beko: The electronics giant, owned by Koc Holding, paid 40 million euros to acquire 50 percent of the shares of Grundig, which was in the hands of British company Alba. In 2004, Beko had paid 40 million euros for 50 percent of Grundig. Thus, German Grundig is now owned by Beko. Arcelik: Turkey's biggest maker of household appliances, part of the Koc Group, has acquired the European companies Leisure (UK), Flavel (UK), Blomberg (Germany), Elektra Bregenz (Austria), Tirolia (Austria) and Arctic (Romania). Sabanci: The Sabanci Group purchased Dusa International, the yarn and cord fabric manufacturer. Sabanci paid $108 million for 50 percent of the company's shares and renamed it “Kordsa International.” Eczacibasi: The group bought 51 percent of ceramics giant Villeroy&Boch's square cement floor tile section. Anadolu Efes: Efes Breweries International bought Lomisi of Georgia. The group increased the number of its factories to 10 and expanded to seven countries in the region, including Russia.