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Anadolu Group bids €628m for local supermarket giant



Anadolu Group, Turkey, has offered €628m for a 40.25% share in Migros, the supermarket chain, which marks a new growth region for the group and lifts the shares of the retailer by more than 10%.
The offer was issued by the group’s holding company, Anadolu Industry.  The chairman of Anadolu Group, Tuncay Özilhan, said they view Migros as a business which could allow their overall business growth within Turkey and other countries in the region.  He said this move should be seen as a growth strategy within a new sector.

The chairman denied talk that the group is looking for a distribution channel for their suffering beer business.  He stated that Migros only holds a 4% share in Efes, the beer unit, sales and claimed that they would not be prepared to pay such a high price simply for this reason.

Some of the debts incurred by Migros will be financed by the company if the deal is positive.  Anadolu has also made a bid for a partnership in controlling shares.  The chain holds 1129 stores across Turkey and enjoys a market share of 14%.

BC Partners in London, a private equity firm with holding of around 80% in Migros, had tried to sell the chain over the years by entering into informal negotiations.  The decline in the Turkish economy and the fall in the value of the lira to the dollar had made it extremely difficult.


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