Turkey’s Zeren Group Abandons Bid for TP Petrol Gas Stations (1)

Turkey’s Zeren Group Yatirim Holding AS has terminated its planned purchase of fuel retailer TP Petrol Dagitim AS, citing what it said were unmet commercial expectations during negotiations with Zulfikarlar Holding.

The decision, announced two months after Zeren received antitrust approval, halts what could have been a significant expansion in Turkey’s $35 billion retail fuel market. The acquisition would have brought Zeren’s total network to 1,120 gas stations, representing a 6.5% market share. Financial terms of the deal under discussion weren’t disclosed.

In a statement to Bloomberg, Zeren said it remains committed to investing in the energy sector and ...