Turkey's Otokar Surges as Erdogan Reveals Private Tank Talks
- Deceased Koc chairman met Erdogan the night before he died
- Investors speculate on improved relations between govt, Koc
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Otokar, a Turkish producer of heavy and military vehicles, rose the most in more than 10 months after President Recep Tayyip Erdogan said he’d discussed the company’s military tank project in private talks with Mustafa Koc, the nation’s leading businessman, one night before Koc died.
Shares in Otokar Otomotiv ve Savunma Sanayi AS, which is 44.7 percent owned by Koc Holding, soared as much as 9.9 percent after Erdogan’s comments. They were 6.9 percent higher at 97.70 liras at the close in Istanbul, on volume that was more than triple the three-month daily average.