Telefonica pulls out of Turk Telecom bidding

Telefonica’s withdrawal reduces the remaining number of bidders for the 55% stake on offer to eleven following the decision by Belgian telco Belgacom to pull out of the process in early February.

  • E-Mail
By  Tawanda Chihota Published  April 25, 2005

Spanish telco Telefonica has withdrawn from the privatisation process of Turkish state telco Turk Telekom following its review of the Turkish company’s operations. “We're ruling out any bid for Turk Telekom,” a company spokesman is reported as saying. “We have completed the due diligence process, and found that the conditions for the deal are not in place.” Telefonica’s withdrawal reduces the remaining number of bidders for the 55% stake on offer to eleven following the decision by Belgian telco Belgacom to pull out of the process in early February. Two further pre-qualified bidders – Turkey’s Mapa Inse and Malaysia’s Multi Global Link have not participated in the due diligence exercise, according to local reports, effectively ruling them out of further realistic participation in the process. Telefonica had been tipped as one of the six leading bidders for the stake in Turk Telecom along with Telecom Italia; a joint venture led by the UAE’s Etisalat; Saudi Oger; and two Turkish bidders, Koc Holding/Sabanci Holding and Oyak. Final bids for the stake are expected to be submitted by May 31.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code