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.
Prime Minister Recep Tayyip Erdogan defended his involvement in a defense contract and legal proceedings against Turkey’s most powerful media mogul, fueling a controversy unleashed by purported recordings of his phone calls.
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.
Emerging-market stocks fell, trimming the first weekly gain this month, as India’s most- valuable company missed sales estimates and China resumed initial public offerings. Turkey’s lira slumped to a record.
Turkey’s anti-government protests are providing a boon to Katmerciler Arac Ustu Ekipman Sanayi & Ticaret AS, the producer of water cannon-armed trucks whose shares are beating Istanbul’s benchmark index.