Carrefour and Sabanci will not be bidding for the US$4bn, 51% stake in Migros put of for sale by Turkey’s leading family-controlled conglomerate, KOC.
The Franco-Turkish duo were the favourites to win the auction. However, their departure leaves the field clear for others such as Croatian foods group Agrokor and private equity firms Kohlberg Kravis Roberts, Bain Capital and BC Partners, which has teamed up with Turkven.
Second-round bids are due by Friday, January 11. The winner is expected to launch an offer for the outstanding shares of the retail group.
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