Posted by meb at February 22nd, 2008

BAT won the Turkish state tobacco monopoly tender by bidding 1.72 billion USD on Friday.

“This investment –when combined with Turkey’s fast economic growth trend– will strengthen our position in Turkey which is the 8th biggest cigarette market of the world”, said Paul Adams, CEO of British American Tobacco (BAT) which won the tender held for privatization of Tekel Cigarettes.

Adams stated that firstly Competition Board and then Higher Board of Privatization must give the final approval regarding the tender, adding that after the approval, signature and procedures will probably be completed within 2008.

When approval process is completed, BAT will increase its 7 percent share to 36 percent in Turkish market.

source: The New Anatolian

Related posts:

  1. Sale of Tekel to BAT approved
  2. BAT bids for Turkey’s $1bln state tobacco group
  3. Investors seek delay in Tekel tender
  4. Watchdog approves TEKEL sale to British American Tobacco
  5. Tekel cigarettes tender takes place today