 Privatization in Turkey
Turkey has transformed its outdated state-owned economic enterprises into competitive companies through a comprehensive and radical privatization program during the last two decades. Priority is given to sectors such as maritime transportation, food, iron and steel, petrochemicals, textile, energy and banking. The implementation of the program provided the state with a total income of USD 10 billion over the years.
The jewel on the crown was the privatization of Turk Telecom, the flagship telecom company of Turkey. After a joint bargaining in 2005, a Lebanese-Saudi joint venture, Oger Telecom, sealed a deal with the Government over a majority stake (55%) with an offer of USD 6.5 billion.
In a recent tender, the Government has agreed over the sale of a controlling share (51%) of Petkim, the biggest petrochemical producer of Turkey. Socar & Turcas-Injaz won the contest with an offer of USD 2.04 billion.
Turkish banking sector has also attracted attention of potential foreign investors. Belgium-based Dexia and National Bank of Greece have bought the majority stakes of Denizbank and Finansbank with a total value of USD 5.1 billion in 2006. The 20% stake of Akbank, a prominent private bank in Turkey, was purchased by Citigroup with a value of USD 3.1 billion. In fact, international banks are already present in the banking sector. Unicredito, Fortis, BNP Paribas and General Electric are to name few.
11111111110000001111000010001000101000001010000011001100110011001111111111000000110011001100000010101010111100001100000011001100
|