UPDATE 1-Turkey's Oyak secures $1.6 bln loan to buy Erdemir

Newswire

(Adds details, background) ANKARA, Dec 26 (Reuters) - Turkish banking-to-automotive group Oyak has secured a $1.6 billion loan from a group of banks to finance its purchase of domestic steel maker Erdemir , the group said in a statement on Monday. "This represents the first long-term acquisition financing ... in support of Turkey's pending privatisation deals and is a significant landmark financing deal in the Turkish financial markets," said Oyak. Oyak made the highest bid of $2.77 ...

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