First Abu Dhabi Bank (FAB) (FAB.AD), opens new tab is in advanced talks to acquire Turkish conglomerate Koc Group's (KCHOL.IS), opens new tab 61.2% stake in Istanbul-based lender Yapi Kredi (YKBNK.IS), opens new tab for about $8 billion, according to three sources close to the matter.
Final details of the potential deal for Turkey's fourth-biggest private bank are being hammered out after several months of negotiations, the sources said on condition of anonymity because the talks are confidential.
Shares in Yapi Kredi soared 10% after the news emerged, while Koc Holding jumped more than 9%, both touching record highs. FAB shares slipped slightly.
One of the sources said that Turkish conglomerate Koc had sought about $8.5 billion for its shares in Yapi Kredi and that FAB had offered about $7.5 billion.
FAB, the United Arab Emirates' largest bank by assets, declined to comment.
In a statement to the Istanbul bourse, Koc Holding referenced the Reuters report and said it was holding preliminary talks on the sale of Yapi Kredi shares, adding it can always negotiate "to evaluate possible alternatives" in its portfolio.
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