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The US treasury market reaches breaking point

The US treasury market reaches breaking point

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Tuesday, August 19, 2008

Competition board approves several large-scale acquisitions.





Competition board approves several large-scale acquisitions. The competition board approved the acquisitions of pension fund Oyak Emeklilik, insurers Guven Sigorta and Guven Hayat, and oil retailer Akpet by foreign companies. The board ruled that Dutch ING Continental Europe Holdings’ purchase of full stake in Oyak Emeklilik was to be evaluated under the related competition law however the deal was not subject to the competition board’s approval as the two parties’ market share and turnovers did not exceed set thresholds. The board decided to grant negative clearance to the deal. In June, ING reached an agreement with local Oyak Group to acquire 100% shares of pension fund Oyak Emeklilik for EUR 110mn. The competition board also approved French Groupama’s acquisition of entire capital of insurer Guven Sigorta and life insurer Guven Hayat for EUR 180mn. Groupama took over the said companies from Central Union of Agricultural Credit Cooperatives. Concurrently, the board gave green light to Russian energy company Lukoil buy-out of the full stake in local oil retailer Akpet through its fully owned subsidiary Lukoil Eurasia Petrol. Lukoil announced the deal at end-Jul without providing details on the purchase price but the local media suggested that Lukoil agreed to pay USD 500mn for Akpet, which controls around 5% of Turkish oil retail market via 693 gas filling stations on the basis of dealer agreements.







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