ISTANBUL
The chairman of Turkish food and beverage group Yildiz Holding, Murat Ulker, on Tuesday confirmed the 2 billion pound acquisition payment for United Biscuits.
"The rumor of a 2 billion payment for the acquisition of United Biscuits is true," Ulker said in a press conference held for the announcement of purchase agreement.
Ulker pointed out that the purchase agreement does not mean that the acquisition is complete, and that his company plans to finalize the agreement as soon as possible.
"We will finance 60 percent of the United Biscuits acquisition and use credit for the remaining 40 percent," Ulker said.
Yildiz Holding plans to implement an independent management model at United Biscuits, a strategy which worked successfully for the group in its takeover of the Belgian chocolatier Godiva's operations.
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