Turkey Financial News

Posted by meb at January 31st, 2007

ISTANBUL - TDN with wire dispathces

British American Tobacco (BAT) is considering a bid of up to $1 billion for Tekel, Turkey’s state-owned tobacco company. Following the Turkish Competition Board’s approval of Tekel’s privatization last week, officials said that the tender could be formally announced next month, assuming it wins government approval.

In an interview with The Times, BAT CEO Paul Adams said,  (more…)

Posted by meb at January 31st, 2007

Ford Motor Co., world’s third largest auto company, may sell European products in the United States, such as the Mondeo, S-Max, and Transit which is solely produced in Turkey, at Ford-Otosan plant in Kocaeli.
Ford-Otosan is the top auto production and sales company in Turkey, equally controlled by Ford Global and Koç Holding with some public shares.
“The probability is very high” that Ford will tap  (more…)

Posted by meb at January 31st, 2007

Following a competitive auction process, Lafarge announces the project of divestment of Yibita Lafarge Orta Anadolu Cimento (YLOAC), in which it holds a 50% share, to Cimpor of Portugal.
Founded in 1994, YLOAC is a 50/50 joint venture between Lafarge and Yibita Holding. It holds three cement plants and three grinding stations for a total cement grinding capacity of 3.5 million tonnes, as well as twelve  (more…)

Posted by meb at January 31st, 2007

National Bank of Greece SA (NBG) increased its stake in Turkey’s Finansbank to 89.4 percent, according to a statement sent by Finansbank to the Istanbul Stock Exchange (IMKB).
The NBG’s share in Finansbank was earlier 80.4 percent. It purchased 9 percent more stocks and thus, its share in the Turkish Finansbank reached 89.4 percent.
In August 2006, Finansbank had sold 46 percent of its shares to the National Bank of Greece.

source: www.thenewanatolian.com

Posted by meb at January 30th, 2007

Turkey earned $16.85 billion from tourism in 2006, which corresponds to a 7.2 percent drop compared to the year before. Turkey’s tourism revenues were $18.5 billion in 2005.

Turkey had long enjoyed a period of continuous growth in tourism revenues since 2002. Based on previous performances the Culture and Tourism Ministry had set high targets, namely 26 million tourists and $20 billion in revenue,  (more…)