Yıldız Holding to launch flotation of dairy unit
ISTANBUL - Reuters
“The IPO process for AK Gida has started,” the company said in an emailed statement. “A preliminary application to the Capital Markets Board has been submitted.”
Meanwhile, three sources familiar with the matter told Reuters that Yıldız Holding’s private equity arm, Gözde Girişim , is interested in selling its 48.81 percent stake in Azmusebat Steel, a maker of razor blades and other personal care items.
Yıldız Holding confirmed the company’s interest in investigating strategic partnership options for Azmusebat Steel, but said it had not yet mandated banks.
Sources also said Yıldız, which also owns Turkey’s largest listed food maker Ülker Biskuvi, had also mandated ÜNLÜ & Co and HSBC to investigate sale options for its carbonated-beverage brands and facilities.
However, the company said it had not yet initiated a process.
As part of Yıldız Holding’s global quest for new markets, the company bought U.K.-based cookies and snacks maker United Biscuits in November, in a deal it said made it the world’s third-biggest biscuit maker.
Yıldız also bought premium chocolate maker Godiva for $850 million in 2007 and DeMet’s Candy Co, the U.S. maker of Flipz chocolate pretzels and Turtles covered nut clusters, for $221 million in 2013.