International Finance

German energy company Ewe AG to shut its operations in Turkey

Ewe AG, Germany, energy, Turkey, Bursagaz, Kayserigaz
The exit follows several other foreign brands that had ended their business in the country

Ewe AG, a leading energy company in Germany that also functions in domains of telecommunications and information technology, announced it will discontinue its operations in Turkey. The company will put up its shares for sale to two regional natural gas companies – Bursagaz and Kayserigaz.

As reported by Bloomberg, Ewe AG has struck an agreement with Barclay’s where it will work as a consultant to sell its Turkish assets.

The company’s exiting the Turkish market follows the departure of several other companies from the country. Among the several exits are US retailer Crate and Barrel, Canadian lingerie company La  Senza, German cosmetics chain Douglas, UK and Dutch clothing companies Top Shop and C&A, respectively.

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