Migros sells discount unit Şok for 600 million lira

Competition in the Turkish supermarket sector is getting tougher each and everyday.

Rumors as to Migros which is among the biggest chains was planning to sell part of its supermarkets was in the air for sometime.

Turkish supermarket chain Migros said it agreed to sell its discount supermarket unit Şok to Gözde Finansal and Bizim Toptan for 600 million lira ($380.1 million).

By purchasing Şok for 600 million lira, Murat Ülker, who is the main shareholder of both Gözde Finansal Services Corporation and Bizim Toptan Corporation, will be competing against sector leader BİM with 2,628 stores.

M. Ülker is known to be a member of the Turkish food giant ÜLKER Group which has a very wide spectrum of products ranging from biscuits to margarine and many more.

SOURCE: SABAH ENGLISH
08.06.2011