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Boyner Rises in Istanbul After Report Owner Is Buying YKM Chain

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Feb. 24 (Bloomberg) -- Boyner Buyuk Magazicilik AS, a Turkish department store chain, headed for the highest level since October after a report its owner has bought a majority stake in the YKM chain of department stores.

Boyner Holding AS bought 63 percent of YKM, which operates 57 department stores in Turkey, Haberturk newspaper reported today, without saying where it got the information.

The shares were suspended from trading on request of the company, which didn’t announce any transaction. Boyner gained 1.3 percent to 3.06 liras, giving the company a market value of 281.7 million lira ($160 million), before trade was suspended.

Boyner Holding AS bought 63 percent of YKM, which operates 57 department stores in Turkey, Haberturk newspaper reported today, without saying where it got the information.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

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

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