Foreign Funds Target Another European Cookie Maker

Law360, New York (October 4, 2013, 2:24 PM EDT) -- Overseas funds on Friday bought a sizable minority stake in Turkish food company Ulker Biskuvi Sanayi AS, funneling $431 million into Ulkur parent Yildiz Holding in a discounted deal that marks the second sale of a European sweets-maker in as many days.

Unnamed funds from Europe, Asia and the U.S. bought into the share offering that nearly doubles Ulkur's free float to 42 percent. The stock sale was three times oversubscribed, injecting a dose of much-needed confidence in Turkey's lagging capital markets, with $1.3 billion in...
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