Friday, April 25, 2008

Privatisation council approves sale of Tekel’s tobacco arm to BAT.

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Privatisation council approves sale of Tekel’s tobacco arm to BAT. The privatisation high board approved the sale of tobacco processing and cigarette production unit of Tekel to British American Tobacco (BAT). In the privatisation tender held in February, BAT outbid three other investors, Limak-PI Turkey LLC consortium, Strand Investment S.AR.L, and Citi Venture Capital International-Dogan-TUTSAB joint venture, with its USD 1.72bn offer. The privatisation high board also ruled that Tekel may be sold to second high bidder Strand Investment S.A.R.L, in case BAT fails to buy the tobacco company. The privatisation board, which is managing the sale, had applied to the antitrust board in an attempt to seek approval for the two best bidders to avoid any delays if BAT can not fulfil its obligations. The deal received antitrust approval at end-March.

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Privatisation council approves sale of Tekel’s tobacco arm to BAT.

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