Local Doğan Holding bids for Total’s Turkish fuel distribution
ISTANBULTurkish Doğan Holding has said one of its units placed a non-binding bid on the Turkish fuel distribution business of French oil producer Total.
Doğan Holding said its Aytemiz fuel distributor had placed an “unbinding offer” to buy 100 percent of the stakes in the Total unit and, if accepted, due diligence would begin, in a statement to the Public Disclosure Platform (KAP) on late May 21.
Total aims to sell its fuel distribution business in Turkey and has asked Societe Generale to lead the process, sources told Reuters in April 2015, as the French oil producer looks to retreat from a highly competitive and regulated market.
Doğan Enerji, a subsidiary of Doğan Holding, acquired an approximately 50 percent stake in Aytemiz for 152 million Turkish Liras this year. Doğan Holding, which has operations in Turkey’s media, energy, retail, industry, real estate, marketing, tourism and financial sectors, has thus come back to the sector after it sold over half of the country’s largest fuel distribution company, Petrol Ofisi, to Austrian company OMW in 2010 for $1 billion.
Aytemiz has 310 gas stations, 11 supply depots and four storage facilities, according to the company website.
There are around 70 different retailers in the fuel distribution sector. Founded in 1992, Total Turkey operates around 440 petrol stations.