4/25/2008

Sale of Tekel tobacco to BAT approved

Reuters - Turkey's High Board of Privatisation (OYK) approved the sale of Turkish cigarette maker Tekel to British American Tobacco, the Official Gazette said on Thursday. BAT, the world's second largest cigarette group, won the auction for Tekel in February, with the highest bid of $1.72 billion in a deal increasing BAT's market share in Turkey fivefold. The competition board has already approved the sale of Tekel.