Bloomberg News

Turkish Stocks: Akfen Holding, TAV, Gubretas Move in Istanbul

March 12, 2012

Turkey’s benchmark ISE National 100 Index (XU100) fell 0.5 percent to 59,009.47 at the close in Istanbul to its lowest level in two weeks.

The following stocks were active. Stock symbols are in parentheses.

Akfen Holding AS (AKFEN) , a builder and part-owner of airport operator TAV Havalimanlari Holding AS (TAVHL), dropped 3.9 percent to 9.42 liras after Aeroports de Paris said it was buying a 38 percent stake in TAV for $874 million. ADP may not offer to buy out minority shareholders in the company, TAV chief executive Sani Sener said today in Istanbul. TAV shares retreated 1.9 percent to 8.38 liras after rising as much as 4.2 percent.

Gubre Fabrikalari TAS (GUBRF) , a fertilizer producer, surged 5.6 percent to 12.20 liras after saying it will receive about 203 million liras ($113 million) in dividends from its Iranian unit Razi Petrochemical Co.’s 2011 earnings.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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