Doğan Holding announces giant merger with publishing unit

ISTANBUL

Doğan Holding has announced in a stock exchange filing that it will merge with its main publishing unit Doğan Yayın Holding, following a board decision.

“The merge was decided by our controlling shareholder Doğan Holding’s body through the transfer of our company’s whole assets and liabilities to Doğan Holding,” Doğan Yayın holding announced in the late hours of April 14.

According to the statement, the transaction will be predicated on the financial tables and footnotes in the annual consolidated financial report covering the period from Jan. 1 to Dec. 31, 2013.

The announcement of the merger, which will breed a 2.9 billion Turkish Lira valued giant, gave a boost to the group’s companies at the stock exchange.

While Doğan Yayın Holding’s shares soared by more than 12 percent, Doğan Holding’s assets’ value rose by at least 8.8 percent in the morning. Both companies’ shares are traded at their ceiling price with Doğan Holding at 0.74 liras and its publishing unit at 0.57 liras.