Solution in sight in Turkey?
Let me recall facts: in 03/2005 Teliasonera signed a deal to buy a stake in Turkcell from Cukurova for $3.1bn, but later, Alfa offered a $3.3bn package and Cukurova canceled the deal and gave a 13% stake in Turkcell to Alfa. An international arbitration court has ruled that Cukurova has to comply with its original agreement with Teliasonera. In addition, Alfa was ordered by a court decision to hold a tender offer to take control of Turkcell, an injunction that Turkey' s telecom regulator has just recalled it must be completed in the coming two weeks. Of course, Alfa does not want to buy remaining minority shareholders' shares, and would prefer to negotiate. So we are in the last mile to find a solution. Alfa would prefer to swap assets with Teliasonera between Turkcell and Megafon, while Teliasonera said it aims to gain control of both companies.