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Appliance manufacturer, Ar§elik (known as Beko in the UK) have denied Tuesday media reports claiming partnership talks with Italy's Indesit.

In a statement sent to the Istanbul Stock Exchange, Arcelik said reports regarding talks between Arcelik and Indesit were not true.

Media reports claimed that Italian Indesit may form alliance with Germany's Bosch und Siemens Hausgerate Gmbh or Turkey's Arcelik A.S.

However shares in Ar§elik fell in Istanbul trading after it denied it was in talks with Indesit Co over a partnership. Ar§elik declined 3.3 percent to 1.73 Turkish Liras in the morning session yesterday at the Istanbul Stock Exchange.

It was Italy's la Repubblica newspaper that reported on Monday Indesit may form an alliance with BSH (Bosch & Siemens Hausgeraete) or Turkey's Ar§elik, without saying where it got the information. This in turn spread through the online news services.

Arcelik is controlled by Turkish industrial giant Koc Holding. 

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