Deals
Verbund, Sabanci Set Up Energy Unit to Own Turkey Ventures
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Verbund AG and Haci Omer Sabanci Holding AS plan to set up a jointly-owned company to own all of the partners’ energy ventures in Turkey, according to a statement to the Istanbul Stock Exchange today.
The new company, in which the Vienna- and Istanbul-based companies will have equal stakes, will have capital of 3.5 billion liras ($1.9 billion) and will own the partners’ companies operating in energy production, wholesale power trading, and distribution, according to the statement.