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    OYAK pulls out of deal with Arcelor

    Hürriyet Haber
    23 Şubat 2006 - 10:52Son Güncelleme : 23 Şubat 2006 - 10:52

    Turkey's OYAK have pulled out of a deal to sell its stake in steelmaker Erdemir to France's Arcelor. OYAK, which manages the pension fund of the country's army, has said that the deal has been terminated and OYAK itself would purchase Erdemir due to time restraints. The deal would have seen Arcelor acquire a 20.5% stake in Erdemir, part of a 49.3% holding that was purchased by OYAK from the Turkish government in October.

    OYAK did however say it had opted to purchase Erdemir alone due to Turkey's Competition Board not having made a decision on whether to approve OYAK's deal with Arcelor, jeopardising the March 6 deadline for the completion of Erdemir's takeover. "OYAK and Arcelor are considering whether to continue their talks and explore opportunities of cooperation in various realms after the purchase of Erdemir's shares is completed," it said, adding that no agreement has been reached yet.

    Separately, Arcelor, which still owns a direct 5% stake in Erdemir, said it will "continue to develop its position in the growing Turkish and regional steel markets, and aims to expand its cooperation with OYAK and Erdemir in this context."

    CNN Turk reported a possible reason for the pull out of the deal being down to concerns that the Competition Board would raise objections to its partnership with Arcelor, on the grounds that the deal would give the joint venture a dominant market position because of Arcelor's 40% stake in Turkish steel producer Borcelik.

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