KKR warned off shipping firm buyout

KKR’s takeover of Turkish shipping company UN Ro-Ro has been attacked by the company’s chairman, Saffet Ulusoy. In a newspaper interview Ulusoy made it clear he opposes the sale, which would cost the US buyouts giant around €910m, on the grounds that it could compromise national security during war time, and claims his opinions are shared by the Turkish military.

A meeting to discuss the takeover is scheduled for the end of September with its shareholders – 45 Turkish transporting outfits. UN Ro-Ro’s chief executive agreed to the deal, which will see KKR acquire an 87% stake, at the beginning of the month following an auction over the summer which saw a five-strong shortlist drawn-up.