The agreement for the purchase of Ekol Logistics by the transportation and logistics company DFDS has been canceled.
Ekol Logistics Chairman of the Board of Directors Ahmet Musul said that DFDS had requested a discount at the last minute.
“It was a process that started about 2.5 years ago, and the Competition Authority approved it about 13 months ago. For the last 3-4 months, in an environment where teams related to integration have been coming, offices have been separated, everything has been prepared, there was a discount request from the CEO of the company that the conditions determined in the acquisition would be reviewed, we found it very inappropriate.
In an environment where meetings have been held for the last 3-4 months and these issues have not been opened, I found such a request coming 24 hours before the meeting inappropriate, and my teammates did not find it right either. They insisted on their request and we did not accept it.”
DFDS had signed an agreement to acquire the international business line of Ekol Logistics, which operates freight transportation between Turkey and Europe with offices and facilities in 10 European countries. The acquisition was expected to be completed in the last quarter of the year, following EU merger control approval.
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