Tupras up for sale today

Hürriyet Haber
12.09.2005 - 00:00 | Son Güncelleme:

The Turkish state oil refiner Tupras goes under the hammer on Monday as a sale tender for a 51% stake in the company is due to get underway. The company, which is slated as the central element of the country's privatization program, has suspended the trading of its shares on the Istanbul Stock Exchange until the tender results are announced. Also shares in tender participants: fuel retailer Petrol Ofisi, conglomerate Koc Holding and Aygaz, were suspended from trading. The negotiations are due to start at 4.00 pm at the Ankara Hotel, stated the state Privatization Administration (OIB). A previous $1.3 billion sale attempt of the firm failed last year as labour unions legally challenged it. Groups said to join the tender are: PKN Orlen-Zorlu: Polski Koncern Naftowy Orlen SA and Turkey's Zorlu Holding A.S. Shell-Koc group: The Shell Company of Turkey Ltd. Opet Petrolculuk A.S. Aygaz A.S. Shell Overseas Inv. B.V. (9.9 percent), Koc Holding A.S. Indian Oil Corp-Calik Enerji group: Indian Oil Corporation Ltd. Calik Enerji ve Sanayi Ticaret A.S. Anadolu group: Anadolu Uluslararasi Ticaret ve Tasimacilik A.S. Cukurova Holding A.S. Petrol Ofisi-TAC group: Tupras Acquisition Consortium, Petrol Ofisi A.S.
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