Luxembourg-based steelmaker Arcelor confirmed that it has withdrawn from buying a stake in
Turkey's state steel company,
Erdemir, after Turkish competent authorities postponed a decision to clear the deal.
Arcelor said in a statemant that “Without all regulatory consents for a joint acquisition obtained in due time, the Turkish Armed Forces Pension Fund (Oyak) will close alone the acquisition of a 42.29 percent equity stake of
Erdemir.”
Oyak Holding said its Ataer Holding still planned to buy a share of
Erdemir and it would continue negotiations with Arcelor after the purchase is finalized.
“Oyak and Arcelor are investigating possibilities of continuing negotiations and cooperating in other fields completely within the legal framework following the purchase of
Erdemir stakes,” Oyak said. “But there is no agreement on these issues.”