Defense: Merrill Lynch refuses to serve Turkish firm Aselsan

05 December, 15:38

    (ANSAmed) - ANKARA, DECEMBER 5 - U.S.-based financial management and advisory company Merrill Lynch has refused Turkish defense firm Aselsan's request for it to advise and underwrite Aselsan's second public offering, citing the missile deal inked by Turkey with a Chinese company currently under U.S.

    sanctions. "If it is possible that you will work with the Chinese company CPMIEC, we would not work with you," said Merrill Lynch in a letter sent to Aselsan as daily Hurriyet's columnist Erdal Saglam reports today. Western reactions appear to be increasing after Turkey's selection of the Chinese firm to co-produce a long-range air and missile defense system. The U.S.-based Merrill Lynch cited the decision as a reason in itself to deny Aselsan's request to work with it in Aselsan's second public offering. Questioned by Hurriyet, Merrill Lynch confirmed that it had refused Aselsan's offer due to Turkey's missile deal with China, but declined to give further details of the letter claimed to have been sent to Aselsan. CPMIEC is under U.S. sanctions for violations of the Iran, North Korea and Syria Nonproliferation Act. Merrill Lynch reminded that CPMIEC was on the U.S.'s blacklist. Fifteen percent of Aselsan has so far been offered to the public, and the company has been talking with several international consultancy firms ahead of its second public offering, including Merrill Lynch. The details of the public offering of Aselsan, with a market cap of 4.2 billion Turkish Liras (1.51 billion euros), will be elaborated with an international advisory and underwriting firm, such as Merrill Lynch. (ANSAmed).

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