80 pct of Turkish poultry firm Banvit to be sold

ANKARA (AA) - Brazilian food processor BRF SA and Qatar’s sovereign wealth fund have agreed to buy 79.5 percent of the operations of Turkish poultry producer Banvit, the Turkish company said in a statement to the Borsa Istanbul stock exchange Tuesday.

Under the deal, in a joint venture, BRF would take a 60 percent stake in the venture and the Qatar Investment Authority would take 40 percent in a deal that calculates the poultry producer’s value at $470 million.

The deal, which valued Banvit at 11.51 Turkish lira ($3.07) per share, is subject to approval by regulators.

The company's share was 12 percent higher at 9.85 around 10.10 a.m (0710 GMT) on Borsa Istanbul, Turkey's main stock exchange.