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English
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oda_NoncurrentFinancialAssetAcquisitionAbstract|
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oda_UpdateAnnouncementFlag|
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Hayır (No)
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oda_CorrectionAnnouncementFlag|
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Hayır (No)
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oda_DateOfThePreviousNotificationAboutTheSameSubject|
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-
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oda_DelayedAnnouncementFlag|
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Hayır (No)
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oda_AnnouncementContentSection|
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oda_BoardDecisionDateForAcquisition|
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27/06/2022
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oda_WereMajorityOfIndependentBoardMembersApprovedTheBoardDecisionForAcquisition|
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Yes
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oda_TitleOfNoncurrentFinancialAssetAcquired|
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Indesit International JSC and Whirlpool RUS LLC
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oda_FieldOfActivityNoncurrentFinancialAssetWhoseSharesWereAcquired|
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Production of white goods in Russia and sales and marketing of these goods in Russia, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Armenia, Georgia, Azerbaijan, Kazakhstan, Belarus and Mongolia ("Relevant Countries")
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oda_CapitalOfNoncurrentFinancialAsset|
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Indesit JSC - 1.664.165.000 Ruble, Whirlpool LLC - 4.340.000 Ruble
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oda_AcquirementWay|
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Satın Alma (Purchase)
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oda_DateOnWhichTheTransactionWasWillBeCompleted|
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If the closing conditions will not be fulfill until 23 September 2022, agreement will be terminated.
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oda_AcquisitionConditions|
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Diğer (Other)
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oda_DetailedConditionsIfItIsATimedPayment|
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Explained below.
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oda_NominalValueOfSharesAcquired|
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Indesit JSC - 1.664.165.000 Ruble, Whirlpool LLC - 4.340.000 Ruble
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oda_PurchasePricePerShare|
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Price mechanism is explained below.
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oda_TotalPurchasingValue|
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Calculation and payment method of purchasing value are explained below, which is estimated to be capped at 220 million Euro depending on performance calculation as of closing.
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oda_RatioOfNewSharesAcquiredToCapitalOfNoncurrentFinancialAsset|
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Indesit JSC 100%, Whirlpool LLC 100%
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oda_TotalRatioOfSharesOwnedInCapitalOfNoncurrentFinancialAssetAfterTransaction|
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Indesit JSC 100%, Whirlpool LLC 100%
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oda_TotalVotingRightRatioOwnedInNoncurrentFinancialAssetAfterTransaction|
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Indesit JSC 100%, Whirlpool LLC 100%
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oda_RatioOfNoncurrentFinancialAssetAcquiredToTotalAssetsInLatestDisclosedFinancialStatementsOfCompany|
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As per expected maximum payment; 3,9%
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oda_RatioOfTransactionValueToSalesInLatestAnnualFinancialStatementsOfCompany|
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As per expected maximum payment; 5,9%
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oda_EffectsOnCompanyOperations|
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Expected to contribute our growth targets in Relevant Countries
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oda_DidTakeoverBidObligationArised|
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Hayır (No)
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oda_WillExemptionApplicationBeMadeIfTakeoverBidObligationArised|
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Hayır (No)
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oda_TitleNameSurnameOfCounterParty|
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Whirlpool EMEA S.p.A.
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oda_IsCounterPartyARelatedPartyAccordingToCMBRegulations|
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Hayır (No)
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oda_RelationWithCounterPartyIfAny|
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-
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oda_AgreementSigningDateIfExists|
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27/06/2022
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oda_ValueDeterminationMethodOfNoncurrentFinancialAsset|
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Negotiation Method
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oda_DidValuationReportBePrepared|
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Düzenlenmedi (Not Prepared)
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oda_ReasonForNotPreparingValuationReportIfItWasNotPrepared|
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Not mandatory.
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oda_DateAndNumberOfValuationReport|
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-
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oda_TitleOfValuationCompanyPreparedReport|
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-
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oda_ValueDeterminedInValuationReportIfExists|
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-
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oda_ReasonsIfTransactionWasntWillNotBePerformedInAccordanceWithValuationReport|
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-
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oda_ExplanationSection|
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oda_ExplanationTextBlock|
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A Share Purchase Agreement ("the Agreement") was signed by Arçelik A.Ş. with Whirlpool EMEA S.p.A ("Seller") for the purchase of the entire issued share capital of Indesit International JSC ("Indesit JSC") and Whirlpool RUS LLC ("Whirlpool LLC"), which operate in Russia, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Armenia, Georgia, Azerbaijan, Kazakhstan, Belarus, Mongolia ("Relevant Countries").
The transaction is subject to fulfillment of the conditions specified within the Agreement, including the regulatory approvals and there being no material adverse findings during due diligence. As of closing date, all shares of Indesit JSC and Whirlpool LLC will be directly owned, and their wholly owned subsidiary Whirlpool Kazakhstan LLP's shares will be indirectly owned, by Arçelik. The acquired companies own facilities in Lipetsk with a total capacity of 2.8 million units, where refrigerators and laundry products are produced, and have approximately 2,500 employees.
The cost of the acquisition will be no greater than an amount to be determined based on the figures within the closing balance sheet, including fixed assets and working capital, which based on the current financial information of the companies is expected to be approximately 220 million Euro. The amount of the acquisition cost for each year will be calculated and paid annually over a period of ten years. Annual calculations will be based on performance and deduction of defined liabilities and subject to regulatory authorization or confirmation accrued and paid as the acquisition cost based on the availability of distributable reserves, and the legal restrictions, if any, existing at the time the payment is due. In the event that as of the tenth year there remains any calculated amounts that have not yet been accrued and paid as the conditions have not been fulfilled. the remainder will be accrued and paid should the conditions be fulfilled over the next 5 years.
In addition to "Stinol" brand which will be transferred with the acquired companies, "Indesit", and "Hotpoint" brands will be used by acquired companies in the Relevant Countries and the relevant agreements are expected to be signed at the closing date.
Further material developments will be shared with our investors.
This statement has been translated into English for informational purposes. In case of a discrepancy between the Turkish and the English versions of this disclosure statement, the Turkish version shall prevail.
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We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.