Turkey’s competition authority (RK) has cleared a deal between conglomerate Koc Holding and Italian lender Unicredit that will see Koc increase its stake in bank Yapi ve Kredi Bankasi.
The antitrust regulator has given the nod to Koc to take full control of Koc Finansal Hizmetler AS, a joint venture the conglomerate owns with Unicredit, RK said in a statement earlier this week.
Koc and Unicredit currently jointly own a 81.9% stake in Yapi Kredi through Koc Finansal Hizmetler, or about a 41% stake each.
Koc agreed in late November to buy the 50% stake in Koc Finansal Hizmetler currently held by Unicredit as part of a deal that will see Koc Finansal Hizmetler further transfer a 31.93% direct stake in Yapi Kredi to Unicredit.
Under the terms, a 9.02% direct stake of the bank will be transferred to Koc. Upon completion, Koc will hold a total of 49.99% stake in Yapi Kredi through direct and indirect ownership, according to an earlier statement.
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