Tuesday, February 19, 2008

Four companies bid for Tekel’s tobacco unit.

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Four companies bid for Tekel’s tobacco unit. The privatisation administration said that four investors filed bids in the block sale of tobacco processing and cigarette production unit of Tekel. Bidders are Limak Insaat Sanayii ve Ticaret and PI Turkey LLC consortium, Strand Investment S.AR.L, British American Tobacco, and Citi Venture Capital International-Dogan-TUTSAB joint venture. Strand Investment is founded by private equity firm Cinven and a group of Turkish businessmen. TUTSAB is a group of local tobacco wholesalers. Tekel’s sale is a part of Turkey ’s privatisation programme backed by the IMF. The privatisation administration is offering the company’s six cigarette factories as a whole entity; the company’s real estates will be sold separately. There were two unsuccessful attempts to privatise the company in the past. In 2003, JTI offered USD 1.15bn, however the bid was found unsatisfactory. In the second tender held in 2004, no bids were received at all. Recently local economy daily Referans suggested that the government expects to raise USD 1.8bn from the sale. Alcoholic beverages arm of Tekel was sold to Nurol-Limak-Ozaltin-Tutsab consortium for USD 292mn in 2004.

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Four companies bid for Tekel’s tobacco unit.

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