OYAK keeps Erdemir's control, may seek partner

Turkish Armed Forces Pension Fund (OYAK) disclosed that it wants to keep control of steel firm Erdemir, but could take on a partner for the investment. Coskun Ulusoy, General Manager of OYAK, said “We have no intention of leaving the wheelhouse; we will continue our presence in the wheelhouse.” OYAK, which made the highest bid in the Erdemir tender, paid $2.96 billion on February 27 and took over the steel giant. “OYAK is still willing to discuss a partnership with Arcelor, with which an earlier deal fell through, but is open to other entrepreneurs”, Mr. Coskun Ulusoy said.