Arçelik, Grundig to merge

Bloomberg

Arçelik will sell 11.1 million shares in Koc Finansal Hizmetler for 250 million Turkish Liras ($148 million), mostly to parent company Koç Holding, according to a company statement.

Arçelik also said it will raise another 250 million liras by selling shares in a rights offering, and merge with television-making unit Grundig, in which it holds a majority stake. The measures will help the company become more competitive and efficient in the current market circumstances, it said.