Representatives of Turkey's privatization authority are about to hit the road in Europe with the express purpose of extolling the virtues of Turk Telekom to potential investors, reported the Anatolia news agency.
One of the delegation’s most important meetings will be with executives from Germany’s Deutsche Telecom, which has reportedly been interested in buying a share of Turkey's fixed-line monopoly.
There is a feeling of urgency concerning the Turkish officials’ European tour, inasmuch as it was a condition for Turkey’s enhanced loan deal with the International Monetary Fund (IMF).
33.5 percent of the shares in Turk Telecom are being offered for sale, in addition to strong management rights. So far four local companies have requested bidding documents.
This is not the first time that a major share of Turk Telecom has been put up for sale. A tender to privatize 20 percent of the company was cancelled last year, after no serious bids were received.
Reportedly, the Turkish officials are concerned that this is not the ideal time for them to making such a pitch. Many of the company’s potential strategic partners in Europe are short on cash — they feel — having spent substantial amounts on other acquisitions and third generation licenses since 1999. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)
