A Domestic Contender for Tekel Bid

Source from:  todayszaman.com 10/08/2007

As the promotional campaign launched for cigarette producer Tekel's privatization in Europe gets into swing, foreign contenders began to announce their interest in the company -- along with one domestic candidate. Besides global giants Japan Tobacco International (JTI), British American Tobacco (BAT), Korean Tobacco and Imperial Tobacco, domestic company European Tobacco has announced its serious interest in the company. European Tobacco is located in Mersin, a coastal city in the south of Turkey, and is the only cigarette producer in the country outside of Tekel. European Tobacco General Manager Hulusi Kaymaz said although they are a very new firm, they have learned a lot from Tekel and it was impossible for them not to take an interest in the privatization. JTI's interest in Tekel saw extensive coverage in both local and foreign press after reports that they were preparing to offer $1.5 billion for the company. Imperial Tobacco General Manager Axel Peters said they had begun operations in 2005 in the Manisa Organized Industrial Zone. He said they had exceeded their goals last year both in terms of new investments and diversifying their products. Peters said in regards to the Tekel privatization that they were trying to grow both organically and through acquisition. He noted that their company has a good track record on mergers and acquisitions. "With out a doubt, the Tekel privatization is a good opportunity," he said. Enditem