Ulker Drops as Owner Struggles to Allay Turkey Flight Rumors

Shares in Turkey’s premier snack maker fell to the lowest level since August 2015 as traders dismissed reassurances by its founder that a stock sale to a London-based unit has nothing to do with the government’s post-coup crackdown.

Ulker Biskuvi slid 6 percent to 15.43 liras at the close of trading in Istanbul, marking the biggest decline in six weeks. The company, which owns brands including Godiva Chocolates, United Biscuits and DeMet’s Candy, is the biggest listed unit of Istanbul-based Yildiz Holding, the third-largest snacks maker in the world. Yildiz said on Friday that it would sell 21 percent of Ulker shares to its British umbrella company, Pladis, as part of a strategy to unite its assets in the snack category.