Pushing debt down
SUPPLEMENT - TURKEY - May 01, 2008
On its way to Europe, Turkey has a busy agenda to harmonise its legislation with EU directives. One of the items on the agenda is to pass the draft Commercial Code to replace the code issued in 1956. The current Turkish Commercial Code (TCC) is outdated and does not address most of the issues of the contemporary business world.
Recent acquisitions
As the pace of consolidation escalated in 2006 and 2007, new financing techniques became considerably important. In recent years, there have been a number of acquisitions in Turkey, either through privatisations of companies by the government or transfer of non-core businesses by private sector players. The appetite of foreign investors for big Turkish companies has increased tremendously in the past two years. Turkish firms are under the persistent scrutiny of foreign investors (mostly financial investors). Instead of applying old-fashioned financing methods, these bidders have tried to implement contemporary financing tools...
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