Boyner Falls in Istanbul After YKM Purchase Challenged in Court

Boyner Buyuk Magazacilik AS (BOYNR) fell the most in two weeks after a court case was filed against the Turkish department store chain.

Boyner fell 3.1 percent to 3.12 liras at the close in Istanbul, the biggest drop since March 6.

The Tan family, which holds a 37 percent stake in Yeni Karamursel Giyim & Ihtiyac Maddeleri Ticaret Sanayi AS, or YKM, filed a case to challenge Boyner’s purchase of a 63 percent stake in YKM.

The family applied to a court saying it wasn’t informed during the sale process when other partners sold their stake to Boyner, according to an e-mailed statement today.

The Tan family was not party to the transaction, Boyner said in an e-mailed statement today.

To contact the reporter on this story: Aydan Eksin in Istanbul at aeksin@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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