Oyak made the highest bid of $2.77bn in an auction in October for Erdemir, trumping international giants such as Arcelor and Mittal Steel.

Top privatisation body OYK approved the sale of a 46.12 per cent stake in Erdemir to Oyak earlier this month.

"Erdemir is the second-largest industrial company in Turkey and through this acquisition Oyak becomes one of the ... large industrial groups in the country," Oyak said.

Oyak, the army pension fund, has investments in the automotive, cement, financial and service sectors.

Among its high-profile investments is an automotive joint venture with French car-maker Renault. 

Source:Gulfdailynews