3/31/2008

Competition Board clears sale of state tobacco firm to BAT

NTV MSNBC - Turkey’s Competition Board on Friday ratified the sale of state tobacco producer TEKEL cigarette to international cigarette corporation British American Tobacco (BAT). BAT won control of TEKEL Cigarette after offering $1.7bn at a privatization auction held in February. BAT beat out three other bidders in the auction, a joint venture of CVCI-Dogan-TUTSAB; the Limak-PI Turkey joint venture group and Strand Investment.

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