80 pct of Turkish poultry firm Banvit to be sold
11:06, 10/01/2017, TuesdayU: Update: 11:15, 10/01/2017, Tuesday
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Brazilian food processor BRF and Qatar Investment Authority reach $470M deal to buy Turkish firm
Brazilian food processor BRF SA and Qatar's sovereign wealth fund have agreed to buy 79.5 percent of the operations of Turkish poultry producer Banvit, the Turkish company said in a statement to the Borsa Istanbul stock exchange Tuesday.
Under the deal, in a joint venture, BRF would take a 60 percent stake in the venture and the Qatar Investment Authority would take 40 percent in a deal that calculates the poultry producer's value at $470 million.
The deal, which valued Banvit at 11.51 Turkish lira ($3.07) per share, is subject to approval by regulators.
The company's share was 12 percent higher at 9.85 around 10.10 a.m (0710 GMT) on Borsa Istanbul, Turkey's main stock exchange.
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