Recent transactions
Deloitte Turkey corporate finance has a proven track record of advising companies across Turkey and the world with their business transactions. Our transactions span industries from petroleum to commercial banking and from retail to financial services. Representing companies from across the globe, we provide our clients with extensive investment banking experience to complete complex merger, acquisition, sale, divestiture and capital raising transactions.
In the last 12 months March 2006 – March 2007 Deloitte Turkey corporate finance department has actually served 37 companies wanting to make acquisitions or disposals. This figure does not include companies that visited us or requested a proposal from us but did not finally work with us (at least another 20 companies). It also does not include transactions where we worked but where another firm was the lead advisor.
10 out of these 37 were Turkish companies. The other 27 were foreign companies, from the following countries:
|
Country |
Number |
Examples |
|
Austria |
1 |
|
|
Denmark |
1 |
|
|
France |
1 |
|
|
Germany |
4 |
|
|
Greece |
1 |
|
|
Ireland |
1 |
Kingspan acquired shareholding in İzopoli |
|
Israel |
1 |
Bank Hapoalim acquired shareholding in C Bank (Bank Pozitif) |
|
Italy |
2 |
Candy Elettrodomestici acquired Doruk Ev Gereçleri |
|
Japan |
1 |
|
|
Lebanon |
1 |
BankMed acquired MNG Bank |
|
Switzerland |
2 |
Nestle Water merged with Erikli Su |
|
UK |
4 |
BAT acquired Düzey cigarette assets |
|
US |
7 |
Newscorp acquired TGRT |
| Turkey |
10 |
|
|
|
|
|
|
Total |
37 |
|
The sectors were as follows:
|
Sector |
Number |
|
Airports |
1 |
|
Automotive components |
3 |
|
Banking & finance |
3 |
|
Cement |
1 |
|
Cigarettes |
1 |
|
Consumer durables |
2 |
|
Food |
2 |
|
Furniture |
1 |
|
Health & pharmaceuticals |
2 |
|
Insurance |
1 |
|
Logistics |
1 |
|
Media |
4 |
|
Mining |
2 |
|
Oil & gas |
1 |
|
Paint |
2 |
|
Paper & packaging |
2 |
|
Ports |
1 |
|
Real estate |
2 |
|
Retailing |
3 |
|
Shipping |
1 |
|
Water |
1 |
|
|
|
|
Total |
37 |
Of the 37 transactions listed above, about one third have completed successfully, one third are still in progress and the outcome is uncertain, and one third failed to complete. The most common reasons for failing to complete were:
- That the target was purchased by a different investor, in a competitive bidding situation; or
- That the parties could not reach final agreement on the price or on some other fundamental aspect such as control. The disagreements over price sometimes arose from the economic uncertainties in May/June 2006 and sometimes from due diligence findings
We are expecting reduced privatisation activity in 2007. Therefore the total value of foreign investment in 2007 may be less than in 2006. However the number of transactions is continuously increasing and transactions are occurring in more and more sectors. We expect the number of transactions will be at least 200 in 2007. Apart from the reduced privatisations, we do not currently expect any major negative effect from the elections in 2007. Although there may be temporary uncertainties, most multinationals now clearly believe in Turkey’s future and want to be here. At the same time, we are seeing increased confidence by Turkish groups investing abroad.
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