Tekel Union Appeals Sale of Cigarette Business

Source from:  tr.itsmyiq.com Mar 4, 2008 03/05/2008

A Tekel workers' labor union has filed an appeal against the sale of the cigarette business assets of Tekel, according to a Hurryet report. A press release issued by Tekgida-Is said the appeal, lodged with the Supreme Court of Appeals, was asking for the cancellation of the February 22 decision of the tender commission for the privatization of Tekel through an asset sale. Last month, British American Tobacco confirmed that it had won the auction for the cigarette business assets of Tekel with a bid of US$ 1.72 billion. But it said that the transaction was subject to approval by Turkey's Competition Board and ratification by the Turkish Privatization High Council. Signing and completion were expected later this year, it said. Enditem