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Turk Hava Heads for Highest in Ten Months on Aircraft Order

June 21 (Bloomberg) -- Turk Hava Yollari AO, or Turkish Airlines, headed for the highest in more than 10 months after saying it will order at least 15 jumbo airliners as early as next month and is looking at about 10 acquisition prospects.

The stock advanced 2.1 percent to 2.94 liras at 10:52 a.m. in Istanbul, on course for its strongest level since August 2011. Volume of shares traded so far in the session is 56 percent of the stock’s three-month average. Turk Hava is up 17 percent this month, outperforming the ISE National 100 Index’s 8.2 percent rise.

The airline, Europe’s fifth biggest, plans to purchase Airbus A380 or Boeing 747-8 planes valued at about $4 billion for delivery after 2014, Chairman Hamdi Topcu said in an interview with Bloomberg in Istanbul.

The airline is looking at takeover prospects in Africa, Asia and the Middle East as it seeks to establish hubs in Africa and Asia, Topcu said.

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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