(Bloomberg) -- Turkey's Capital Markets Board has exempted state companies from some merger rules, according to a decree in the Official Gazette.
Companies whose shares are publicly traded and controlled by the state will be exempt from rules prohibiting mergers and how long companies have to wait until they can sell their shares after a buyout, according to the notice published on Saturday.
The regulator also gave a definition of managing control in public corporations as directly or indirectly owning more than 50% of voting rights solely or with partners, and owning privileged shares that give the power to choose the majority of company's board of directors.
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