Turkish companies confirm talks on stakes in EV maker TOGG

Vestel Elektronik and Anadolu Group Holding said ​they are in talks about their shares ​in Turkey's TOGG, after ‌sources told Reuters ​the companies were set to sell their stakes in the electric vehicle maker. Three sources familiar with the matter had ‌said the companies were in discussions and that Turkey's sovereign wealth fund TVF was set to become a TOGG shareholder.

After the news emerged on Monday, shares in another TOGG shareholder Turkcell closed ‌down 8.16%, while Anadolu Group Holding climbed 4.37% and Vestel Elektronik rose 3.05%. ‌On Tuesday, Turkcell was up 1.6%, while the other two shares were broadly flat. "Consistent with our investment policies and strategic objectives, discussions concerning the aforementioned shares are currently underway," Anadolu Group Holding said in a statement. "However, at ⁠this ​stage, no binding agreement ⁠has been reached to finalise a transaction."

Vestel's statement said no resolution had been adopted by its board regarding "the ⁠completion or finalisation of the transaction." TOGG was founded eight years ago by its current shareholders after Turkish ​President Tayyip Erdogan called for the production of a fully locally funded passenger car.

Vestel ⁠Elektronik, Anadolu Group Holding, Turkcell and BMC Otomotiv each hold a 23% stake in TOGG. The Union ⁠of ​Chambers and Commodity Exchanges of Turkey (TOBB) owns the remaining 8%. Two of the sources said Turkcell and TVF would buy the stakes held by Vestel and Anadolu Group but ⁠did not provide details on the value of the 46% stake. The sources said a ⁠final agreement was expected ⁠soon.

Turkcell said in a statement that discussions regarding the shares were ongoing. TVF declined to comment, while TOGG did not respond to ‌requests for ‌comment.