Last minute bid for BTC

Turk Telecom is to make a last minute bid for a stake in Bulgarian Telecoms operator BTC. The deadline for interested parties is the end of today.

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By  Philip Fenton Published  June 10, 2002

Turk Telecom is to present a preliminary bid for Bulgarian telecoms operator BTC before today’s bidding deadline expires, general manager Ibrahim Hakki Alpturk told Reuters.

The privatisation is crucial to Bulgaria as the government struggles to raise money in what is one of the poorest countries in Europe.

The government has already extended the deadline by two weeks in the hope of raising more money.

Greek telecoms firm OTE was considered one of the front runners in the sale and is one of about five registered parties, although doubts are growing over whether or not it will actually place a bid.

BTC, itself a state owned monopoly in line for privatisation, is teaming up with Koc Holding to bid for the 65% stake.

Offers are expected to be made at around 300 million euros (US$282 million) - about 70% below the price Bulgaria valued BTC at in 2000.

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