The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Out of the ruins

Vestel's success is a personal victory for Ahmet Zorlu, a 52-year-old primary school graduate who made a fortune in textiles. Zorlu reportedly acquired 82% of Vestel's shares for less than $10 million in 1994 from Polly Peck's administrators.

Never mind the politics, feel the quality


Vestel was established in 1983 as part of Polly Peck International plc (PPI) which was run by Cypriot tycoon Asil Nadir. The company played a major role in the development of the Turkish electronics industry. In 1990 18% of the company's shares were floated on the Istanbul Stock Exchange. Soon afterwards Polly Peck crashed and was placed under the custodianship of Coopers & Lybrand with a mandate to dispose of PPI assets and pay back the company's creditors and shareholders. The administrators' original plan was to dispose of PPI subsidiaries, keeping three core companies, of which Vestel was to have been one. The plan did not work out and the administrators put Vestel on the market.

In January 1991 the Cukurova group, one of Turkey's largest private conglomerates, offered to pay $80 million for 51% of the company, a former company director told Euromoney. The administrators did not sell then because it was not timely, the director says. Over the years offers came to the administrators from other large Turkish groups like Koç, Sabanci, Dogus and Bayraktar, but no sale was made.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree