Recasts, adds source on loan talks, details throughout

By Ebru Tuncay and Can Sezer

ISTANBUL, June 29 (Reuters) - Turkish construction firm Libco Insaat has signed a deal to buy a 32% stake in Turkish conglomerate Tekfen Holding TKFEN.IS, less than a month after Turkey's military pension fund Oyak began talks to buy a separate stake.

As part of a broader shakeup of Turkish business ownership, the share transfer agreement was announced by another conglomerate ARY Holding on Friday.

It involves the transfer of ARY's direct 23.4% stake in Tekfen as well as its full ownership of Vera Ticari Danismanlik, which holds an additional 8.68% stake, bringing the total to 32.08%.

Tekfen said early in June that Oyak had begun talks to buy a separate 42.8% stake in it from Can Kultur Sanat, part of Can Holding, a conglomerate spanning media to energy. The remaining Tekfen shares are publicly traded.

Tekfen shares were up 2.1% at 144.6 lira on Monday, outperforming the BIST-100 index.

According to one banking source, who asked not to be named because they were not authorised to speak publicly on the issue, the Cevahir family, which owns the construction company Libco, was holding loan talks with a group of banks, including state lenders, to finance Libco Insaat's purchase of the 32.08% stake.

The source said the Cevahir family was seeking a $435 million, seven-year loan.

The family could not immediately be reached for comment.

Tekfen Holding’s market value stood at 52.4 billion lira ($1.12 billion) as of Friday’s close.

Turkish prosecutors last November ordered the seizure of Can Holding companies, in an investigation into money laundering, tax evasion and organised crime. Turkey's Savings Deposit Insurance Fund, which tends to sell off seized companies, was appointed as trustee.