OYAK wins Erdemir tender

OYAK wins Erdemir tender

OYAK (Turkish Armed Forces Pension Fund) won the tender held for the sale of the Republic of Turkey Prime Ministry Privatization Administration's 46.12% stake in Erdemir. Nurol-Limak-Özaltin-Alkol Pazarlama-O.A.O. Severstal (Russia) Joint Venture Group was the first to be eliminated from the tender that started at 16.00 (Turkish local time). Mittal was the second to be eliminated from the tender. Thirdly, Arcelor withdrew from the tender. Among the remaining three bids, OYAK won the tender with an offer of $2.77 billion. Under the same circumstances, OYAK will buy the Turkish Development Bank's 3.17 percent stake in Erdemir. Therefore, OYAK will pay $2.96 billion for Erdemir.