First Abu Dhabi Bank's Talks With Turkish Lender Hit Snag on Valuation [BNN Bloomberg (Canada)]
KOC HOLDINGS AS UNSP/ADR (KHOLY)
NASDAQ:AMEX Investor Relations:
koc.com.tr/en-us/investor-relations
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Source: BNN Bloomberg
FAB has balked at Yapi Kredi's valuation, the people said, asking not to be identified discussing confidential information. The Turkish lender's majority owner — Koc Holding AS — is seeking a higher price than FAB is currently willing to offer, the people said. Given those disagreements, FAB hasn't yet formally started due diligence after weeks of talks, the people said. Neither side has hired advisers, but they continue to engage on ways forward, they said. Earlier on Tuesday, Reuters said the Abu Dhabi bank was in advanced talks to acquire Koc's 61.2% stake at Yapi Kredi for about $8 billion. That would imply a total market value of over $13 billion, and a price-to-book value higher than peers traded in Istanbul. The lender is currently valued at about $10 billion, after its shares surged 10% on Tuesday. It has a book value of $5.6 billion, according to Bloomberg calculations. It wasn't immediately clear what FAB was willing to offer, and a representative for the bank decli
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