Turkey Wealth Fund to Integrate Steelmaker With Mining Operations
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Turkey’s sovereign wealth fund aims to integrate steelmaker Kardemir with its mining operations, an official familiar with the fund’s thinking said.
Turkiye Varlik Fonu, or TVF, headed by President Recep Tayyip Erdogan, completed the acquisition of a minority stake in Kardemir, the company said on Wednesday. The Fund purchased about 50.3 million Class A shares for the equivalent of $35.2 million. With the purchase, TVF gains the right to appoint four people to Kardemir’s 11-member board.