A conclusion to the sale of Turkey’s leading dead burned magnesia and refractories producer, Kutahya Manyezit İşletmeleri AŞ (Kumas), appeared imminent by the end of January 2012.
Just into the New Year Kumas’ owner, Savings Deposit Insurance Fund (SDIF; or Tasarruf Mevduatõ Sigorta Fonu - TSMF), announced that the highest bid for Kumas was now subject to board approval.
In a statement on 11 January 2012, which said that negotiations had been concluded, SDIF revealed that one of the leading bidders, Kobin Madencilik Insaat & Ticaret AS (Kobin Mining Construction & Trading Co. Ltd) had increased its offer to $285.5m.
If the board gives its approval, the offer will be subject to the approval of the Competition Authority.
Since its announcement of the Kumas sale in late November 2011, with an initial auction price of $320m. and date...