Etisalat in last two for Turk Telecom stake

Four parties submitted financial bids for the Turk Telecom stake and it has been reported that the Oger-led consortium submitted the highest bid followed by Etisalat.

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By  Tawanda Chihota Published  July 3, 2005

Etisalat has moved a step closer to winning the bid to acquire a 55% stake in Turkish state telco Turk Telekom, having been selected as one of the last remaining two bidders. A consortium comprising Etisalat, Dubai Islamic Bank and Abu Dhabi National Insurance is up against a challenge from a rival consortium comprising Saudi Oger and Telecom Italia. Telecom Italia already holds a 40% stake in GSM operator Avea, in which Turk Telecom also holds a 40% stake, and has suggested that it would withdraw from the mobile operator should it not be successful in its bid for Turk Telekom. Four parties submitted financial bids for the Turk Telecom stake and it has been reported that the Oger-led consortium submitted the highest bid followed by Etisalat. Competing offers were submitted by a consortium including Turkish Koc Holding and American Carlyle Group, and by a Turkish group led by a Turkcell subsidiary. The Turkish government stated that further negotiations are only being concluded with the two highest bidders and the announcement of a winner is imminent.

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