Bloomberg News

Turkey Stocks: Akbank, Denizbank Shares Active in Istanbul

May 25, 2012

Turkey’s benchmark ISE National 100 Index (XU100) fell 0.2 percent to 54,809.94 at the close in Istanbul, dropping for a third day and ending its worst week this year.

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

Akbank TAS (AKBNK) , Turkey’s second-biggest bank by market value, slumped to the lowest level in almost three years, dropping 6.2 percent to 5.44 liras, after Citigroup Inc. said it sold a 10.1 percent stake in the lender. Citigroup sold the stake at 5.24 liras per share for about $1.15 billion, according to an e-mailed statement today.

Denizbank AS (DENIZ) , the Turkish lender owned by Belgium’s Dexia SA (DEXB), plunged 20 percent to 14.20 liras, the biggest drop on record, after the parent company said it entered exclusive negotiations with OAO Sberbank (SBER) to sell the unit. The Moscow-based lender may agree to pay as much as 1.5 times Denizbank’s book value, valuing the lender at about $4 billion, said one person close to the deal, who declined to be identified as the process is private. Denizbank currently trades at 2.1 times book value, according to data compiled by Bloomberg.

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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