Wal-Mart eyes takeover of Turkey's Migros Ticaret
Asda's American owner has been weighing expansion in Turkey with the acquisition of a stake in Turkish supermarket giant Migros Ticaret for more than £1bn.
Wal-Mart, the world’s largest retail group, has been in protracted on-off talks to buy BC Partners’ 80pc stake in Migros for several months. As one of Turkey’s major supermarkets, a deal would hand Wal-Mart exposure to a fast growing emerging market with an increasingly wealthy consumer.
Although Wal-Mart has yet to submit a formal offer for Migros, sources claimed the US company is expected to make a non-binding offer imminently so that it can get access to the supermarket chain’s books. Wal-Mart is then expected to make an offer in the first quarter of next year.
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