Businessman Ethem Sancak acquires half of Star Media Group

ISTANBUL — Businessman Ethem Sancak applied to Turkey´s competition authority on Wednesday to acquire the 50 % share of Star Group companies; Star Media Publication, Star Media Agency, Star Printing, Dynamic Radio.

According to information on Star media web site, upon the transfer of share agreement with Fettah Tamince, Ali Tamince ve Turgay Mutlu Şimaylı, Businessman Ethem Sancak applied Turkey´s competition authority for transfers of shares.

Meanwhile, Turkey´s competition authority earlier on Wednesday approved the sale of Turkish military vehicle manufacturer, BMC to Turkish businessman Ethem Sancak.



The Turkish businessman offered 751 million Turkish lira (US$360 million) on April 25 to buy the Turkish vehicle manufacturer who make land-mine resistant vehicles as well as trucks and buses.

Sancak said that the company would cost him around two billion Turkish lira (US$948 million) because of the investment he claims will be needed to continue production.

He also said that if he buys the company, he would make a strong strategic partnership with a country from the Gulf – some Qatari businessman were present at Wednesday's auction.

The Turkish armed forces and BMC previously agreed on a deal to produce 468 of Turkey's first mine-resistant vehicle (Kirpi), but the company only met its commitment on 278 vehicles - which led to the company being fined.