ISTANBUL (Reuters) - Turkish retailer Migros Ticaret AS (MGROS.IS) poured cold water on a report that Wal-Mart Stores Inc (WMT.N) was in talks to buy an 80 percent stake, sending its shares lower after an initial spurt on Thursday.
Migros shares rose nearly 9 percent in early trade after the Financial Times said Wal-Mart was in talks to buy the stake from London-based private equity group BC Partners in a deal that would value it at more than $4 billion including debt.
“As a private equity company, BC Partners periodically assesses options for various of its investments, including Migros,” Migros said in a statement.
“The talks underway are a regular part of (BC Partners’) workflow,” the statement said. It did not mention Wal-Mart.
Wal-Mart declined to comment on the report.
Migros shares erased their initial gains and closed down 2.65 percent at 22 lira after the Migros statement.
Reporting by Seltem Iyigun; Editing by Nick Tattersall and David Cowell