Turkey's Tofas hits record high after it agrees to buy Stellantis Otomotiv

Tofas Turk Otomobil Fabrikasi

31/07/2023 09:00

** Shares in Tofas  TOASO.IS  rise 7%% after the Turkish
automaker signs deal to buy Stellantis Otomotiv Pazarlama for
400 million euros ($440.7 million)
    ** Tofas said on Saturday it had signed share purchase
agreement with Stellantis Group  STLAM.MI  to buy Stellantis
Otomotiv Pazarlama shares and all its operations and brands in
Turkey
    ** Completion of the deal depends on several conditions
including regulatory approvals and finalization of other
contracts between Tofas and Stellantis, such as the transfer of
distribution rights for Peugeot, Citroen, Opel and DS, as well
as production rights for KO model's LCV version
    ** Ahead of market open, brokerages Ziraat Yatirim and Halk
Yatirim expected the news to be positive for the Tofas shares
    ** The stock is one of the top performers on Turkey's BIST
100 index  .XU100  and touches a record high of 295.40 lira

($1 = 0.9076 euros)

 (Reporting by Canan Sevgili)
 ((canan.sevgili@thomsonreuters.com))