Finance / Turkey
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Turkish Tobacco Firm Sold To Highest Bidder
February 2008 | M&A News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Turkey's first major privatisation of the year was completed in late February with British American Tobacco (BAT) winning the bid for cigarette firm Tekel Sigara. BAT was the sole foreign firm that bid and it beat three other bidders with an offer of US$1.72bn. This will raise BAT's Turkish market share from 7% to 36%. The sale includes all of Tekel's cigarette brands and six factories.