Turkish Armed Forces Pension Fund (OYAK) announced today that ATAER Holding A.S., a wholly owned subsidiary of OYAK, has acquired a 49.29 percent stake in
Erdemir on February 27, 2006.
OYAK indicated that the total tender amount of $2.96 billion has been paid in full in cash today.
As previously reported by SteelOrbis, on October 4, 2005, Oyak Group won the block sale tender by offering $2.77 billion for 46.12 percent of
Erdemir. Together with the 3.17 percent stake of Turkish Development Bank to be sold at the same price, total stake to be sold increased to 49.29 percent.