James Ker-Lindsay, Senior Research Fellow at the London School of Economics and Political Science is skeptical that Turkey will ever join the European Union.» Read More
ING Group said it agreed to acquire Turkey's Oyak Bank for $2.67 billion and will finance the acquisition with existing internal resources.
Stocks prices are edging higher this morning, following the direction of European markets. Lots of earnings news is out today, and talk of deals in the media industry swirl.
The Turkish stock market plunged 8% in early trading on Monday, reacting sharply to political tensions as the Islamic-rooted government comes under strong pressure from secular circles to declare early general elections.
The current trend of heavy M&A activity shows little sign of abating and investors could be set for another week of deals dominated by private equity groups. Last week saw bid approaches for Spanish airline Iberia, British drug retailer Alliance Boots and publicly traded British hedge fund Man Group.