From the window of his construction trailer, Murat Sarayli has a prime vantage point on the promise and perils of the Turkish economy. Outside, sparks cascade from welding torches as workers labor to complete the steel skeleton of a $350 million hotel and conference center. Jets pass overhead, approaching and leaving Istanbul Ataturk Airport, less than a mile away.
Tupras Turkiye Petrol Rafinerileri AS slumped to the lowest level in more than nine months after tax authorities started an investigation into Turkey’s sole oil refiner. Parent company Koc Holding AS and its units also fell.
Anadolu Endustri Holding AS is considering buying a stake in a combination of Tesco Plc’s Turkish operations and Migros stores as the company looks to expand beyond beverages, said people familiar with the matter.