2/8/2008

Axa buys out Turkish joint-venture partner

Today’s Zaman - The Armed Forces Pension Fund (OYAK) announced on Wednesday that it would sell its shares in AXA OYAK and withdraw from the insurance business. OYAK sold its 50 percent stake for $525 million. In a written statement OYAK said an agreement had just been reached over the sale of the shares and that the transfer will be concluded by the spring if authorities approve it. The same agreement also covered the sale of AXA OYAK's 1.5 percent share in the MAIS Motor Vehicle Corp. for $15 million. Once the sale is completed, neither AXA companies nor their subsidiaries will be able to use OYAK's name in their brands.