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The Guardian - UK
The Guardian - UK
Business
Rupert Neate

London IPO of soda ash firm could net Turkish billionaire’s family £650m

London WE Soda IPO Recep Tayyip Erdoğan
Turgay Ciner and his wife, Didem Ciner, in 2010
Didem Ciner, who chairs WE Soda, and her husband, Turgay Ciner, the head of the Ciner Group conglomerate, pictured in 2010. Photograph: Bloomberg/Getty Images

The family of a Turkish billionaire who owns a football stadium named after the country’s recently re-elected authoritarian president, Recep Tayyip Erdoğan, could be in line for £650m by floating an industrial company in London.

The family of Turgay Ciner, 67, has built up an empire worth an estimated $1.6bn (£1.3bn) that spans mining, chemicals, shipping, media and football. He controls WE Soda, which announced plans on Wednesday for an initial public offering (IPO) on the London stock market that is expected to value the company at up to $8bn.

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