Final offers have been returned by six consortia bidding for a contract to advise the Privatisation Administration (OIB) on the sale of Turk Telekomunikasyon (Turk Telekom). The sale is expected to raise much if not most of expected privatisation revenues of up to $20,000 million in 1996 (MEED 8:12:95).
The six are:
Banque Paribas, Kleinwort Benson, and Bear Stearns & Company Goldman Sachs. Lazard Freres, UBS, Barclays de Zoete Wedd, and Nikko Securities JP Morgan & Company. NM Rothschild, and Merrill Lynch Lehman Brothers, Nomura Securities.
Deutsche Bank, and Morgan Grenfell Morgan Stanley, SG Warburg, Citibank.
and Yamaichi Securities Salomon Brothers, Banque Indosuez Capital Markets, Daiwa Securities, and Schroders Securities The winning consortium will provide consultancy services for the international offering of shares in Turk Telekom.
According to legislation passed in 1995, 39 per cent of Turk Telekom can be offered to private individuals and other entities, while a maximum of 15 per cent can be transferred to the company’s employees and retired personnel. The remaining shares will remain in state ownership or control.