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Thu 22 Mar 2012 02:40 PM

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Mubadala in talks with GE for Turkey buy - report

The Abu Dhabi company declined to comment on the Turkish media report

Mubadala in talks with GE for Turkey buy - report
A spokesperson from Mubadala declined to comment on the speculation.

Mubadala, the Abu Dhabi-backed investment and development company, is in talks to partner with General Electric Capital to buy a Turkish factoring business, according to a Turkish newspaper report.

The two firms also ready have close links through Mubadala’s 0.2 percent stake in GE Capital and the Istanbul-based Vatan newspaper claimed they were in talks to buy a mid-sized Turkish factoring firm, citing an unnamed banker.

Factoring firms operate by selling accounts receivable (such as invoices), to a third party (called a factor) at a discounted rate.

A spokesperson from Mubadala declined to comment on the speculation.

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