Koc, a Turkish conglomerate, is struggling to achieve its target price for the sale of its majority stake in local supermarket chain Migros after private equity consortiums last night dropped their offers by up to 20% in the final round of the auction.

Three private equity consortiums are understood to have made offers last night that give Migros an enterprise value of between $3.3bn and $3.5bn, according to sources close to the process who steered expectations down.