Bloomberg News

Dogusan Falls to 6-Week Low as Turkish Agency Cancels Sale

July 11, 2012

Dogusan Boru Sanayii & Ticaret AS (DOGUB), a maker of cement pipes and fittings, fell to the lowest level in six weeks after Turkey’s asset sales agency canceled the divestment of a 56 percent state-held stake in the company.

Dogusan dropped 6.1 percent to 1.38 liras at the close in Istanbul, the lowest level since May 30. The stock earlier lost as much as 10 percent and is up 24 percent this year.

The agency in Ankara annulled a July 2011 auction to sell Dogusan after the fourth and final bidder declined to sign an agreement to buy the company, it said in a statement to the Istanbul Stock Exchange after the market closed yesterday.

A previous auction to sell the Dogusan stake was also canceled in May 2010 after no bids were received.

To contact the reporter on this story: Aydan Eksin in Istanbul at aeksin@bloomberg.net

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


Later, Baby
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus