Turkish conglomerate Tekfen Holding, due to list on the stock market this year, is in talks with one or two multinationals over a strategic partnership for its agriculture industry, its CEO told Reuters on Thursday.
Tekfen Holding, whose businesses range from agri-industry to contracting and financial services, plans to list up to 34.5 percent of its shares on the market this year, including an oversubscription option.
"We are in talks over the agri-industry business. We are talking to one or two multinationals. We are not looking for a financial partner but a strategic partner," CEO Erhan Oner said in an interview, adding the firm would prefer to keep control. "It could be a company with agri-industry raw materials, it could be phosphates, nitrogen," he said, adding it was also considering taking on two partners. Tekfen Holding owns Toros Agriculture and Trade, the biggest producer of chemical fertiliser in Turkey, which accounts for 38 percent of the sector's overall production.
Tekfen, which had revenues of $1.25 billion in 2006, will use the proceeds of its IPO for investment, he said. Turkish brokerage Is Investment is leading the offering, 70 percent of which will go to foreign investors and the rest to locals.