The media learned about getting Friedman the right to buy a share of Cukurova in Turkcell

One of the shareholders of Turkcell, the Turkish Cukurova Group, missed the deadline decision on the offer for redemption of shares of “Alfa-Group” in the statement, reported by Bloomberg and Reuters. Now “the alpha-Groups” will be able to buy a share of Cukurova

Cukurova Holding, a member of a group of Turkish businessman Mehmet Karamehmet, the deadline has not submitted an offer for the repurchase of 13.2% of Turkcell operator at LetterOne, which manages assets of the founders of “Alfa-Group” Mikhail Fridman, German Khan and Alexei Kuzmichev, reported by Bloomberg and Reuters, citing its sources on Monday, November 21.

On Friday, November 18 was the deadline for Cukurova allotted by the Tribunal in London to either buy the “Alfa Group” shares in Turkcell for $2.7 billion, or to sell its stake in the company for $2.8 billion. L1 repeatedly stated desire to increase its share in Turkcell and repeatedly directed Cukurova offer to repurchase its shares in Turkcell or sale of its package.

L1 and Cukurova at the time of publication had not responded to requests to RBC for comment.

Turkcell is the largest operator in Turkey, also owns assets in Ukraine, Belarus and Northern Cyprus, is 41.45% of Fintur providing services in a number of CIS countries. The total subscriber base at the end of September with 66.7 million customers. Revenue for the third quarter of 3.66 billion Turkish liras ($1.2 billion at the average exchange rate for the period). Current capitalization on the new York stock exchange is $of 6.96 billion.

“Alfa Group” bought the share in Turkcell in 2005 for $1,593 billion at the same time, the group provided Cukurova loan secured by shares in a statement. Since then, Turkcell has continued the joint-stock conflict. On the one hand, the Swedish TeliaSonera (owns 38% of Turkcell) tried to prove that Cukurova had the right to sell “the alpha-Groups” shares in Turkcell. With another — the Russian shareholder was trying to prove that Cukurova defaulted on the loan, and take a pledge. During all this time continued litigation between the companies.

In late July, the London court of international arbitration rejected Cukurova and the Turkish Ziraat Bank and supported a counter-claim L1 in which the company requested the right to start the procedure to obtain control over Turkcell, the mechanism for resolving deadlock situations provided for in the corporate documents of the company, under certain conditions, the shareholder has the right to propose to the partner to buy him out; if he does, he will have to put forward a similar proposal, based on the same evaluation. Moreover, the decision must be performed regardless of whether a deal the Turkish authorities. Pursuant to the decision, the court highlighted Cukurova 60 days, but later extended the deadline.

“The alpha-Groups” can buy a share of Cukurova are not their own. November 7, VTB announced that it has agreed to invest in Turkcell “in connection with a possible increase in the share of “Alfa-Group” operator”. “Participation in this transaction reflects the aspiration VTB to further diversify their investment and loan portfolios”, — noted in the message group. The amount of possible investments and other details of the transaction is not called.

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