Saturday, April 19, 2014   

Merrill Lynch said to shun Turkish firm’s float over China missiles
(12-05 21:32)

US investment banking giant Merrill Lynch has rejected a role as adviser to a major Turkish defense contractor because of the Turkey's plans to buy missiles from a US blacklisted Chinese company, a local newspaper reported.
Merrill Lynch was among a number of firms approached by Aselsan to underwrite its second planning share offering, the Hurriyet daily said on its website.
But it said it would not work with Aselsan because of Turkey's plans to buy its first long-range anti-missile system from China Precision Machinery Export-Import Corporation, Hurriyet said.
Officials from Aselsan and Merrill Lynch were not immediately available for comment on the report.
Aselsan, which is 85-percent owned by the government-run Turkish Armed Forces Foundation and has a current market value of four billion lira (US$1.9 billion), has not disclosed details of its planned secondary offering.
In September, Turkey decided to begin negotiations with China Precision Machinery, which is under US sanctions for selling arms and missile technology to Iran and Syria.—AFP

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