9/10/2008

Socar to buy 50 % of Turkey's Tekfen

Hurriyet English - Azerbaijan's Socar, the country's state-owned oil company, has agreed to purchase 50 % of Turkish construction company Tekfen, for $520 million, the company said in a statement issued to Istanbul Stock Exchange on Monday. Tekfen Holding said it has been involved in talks with the Azerbaijani oil company for the past few months on the possible sale and added that the parties were working on a final contract for the acquisition. "The decision has been taken to begin negotiations to determine the partnership conditions, with the pre-condition that the Socar's investments in Azerbaijan, Turkey and other countries would be done via Tekfen," the statement said.
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